Progress Report on Fiscal Policies, September 10-17, 2018
On September 11, Minister of Finance, Eugen Teodorovici, announced that the ministry is currently analyzing the possibility of eliminating the differentiated excise duties for fuels. Teodorovici also stated that highway tolls might be introduced. On the same date, the Minister of Finance stated that the ministry is currently working on changing the law on insolvency (Law no. 85/2014) so that it can produce the expected effects of the market, and that the draft law will soon be ready. Subsequently, Hotnews.ro published a working document claiming it to be the draft G.E.O. that the Government plans to adopt in order to amend the law on insolvency, and presented the main changes comprised in it.  On September 17, the Finance Minister stated that the draft normative act aimed at modifying the insolvency law which the Government is currently drafting is supported by private sector and it will “clean-up” the Romanian market. Teodorovici also blamed the Ministry of Justice for refusing to assume responsibility for this project and to issue the necessary notice.


Pentru a downloada raportul trebuie să vă autentificați


Progress Report on Fiscal Policies, September 3-10, 2018
On September 4th, 2018 President Klaus Iohannis suspended the meeting of the Supreme Council of Defense (CSAT) which was convened on order to discuss the project of budget adjustment advanced by the Government. In the press statement that followed the meeting, President Iohannis stated that the notice of the CSAT is mandatory when discussing normative acts affecting the budget of national security institutions. The President requested the Government to adapt the draft budget adjustment. In response, Finance Minister, Eugen Teodorovici claimed that “any delay in the budget adjustment could negatively impact the economy”. He argued that there was no legal ground for suspending the CSAT meeting and requested the declassification of the transcript of the meeting. Also, Teodorovici stated that, that the Government must request the notice of the CSAT for the budget adjustment, but is under no obligation to obtain it, citing Constitutional Court Decisions no. 383/2011, 574/2011 and 575/2011. On September 5th, the Government adopted the budget adjustment for 2018, thought GEO no. 78/2018 on the state budget and GEO no. 79/2018 on the state social insurance budget. On the same date, President Iohannis, strongly condemned the Government’s action of adopting the budget adjustment, without the notice of the CSAT and asked the Ombudsman to challenge the constitutionality of GEO on the adjustment of the state budget, before the Constitutional Court. The Ombudsman announced that he will consider it.  


Pentru a downloada raportul trebuie să vă autentificați


Fiscal Policies Review August 13 - 20, 2018
The budgetary adjustment was postponed for the third week in a row. The adjustment was first presented by PM Viorica Dăncilă although FinMin Teodorovici initially announced that it would be adopted by the end of July. Last Saturday (August 18) Darius Vâlcov, advisor to the PM, announced the new delay. The Government Ordinance on the adjustment needs the notice of the Supreme Council for National Defense (CSAT) which has to approve the budget of the Presidential Administration, as well as the budgets of the Intelligence Services, budgets that were cut down by the Dăncilă Gov’t. So far President Iohannis did not summon the CSAT. The PM alongside 1/3 of the Cabinet can summon the CSAT, however they need to agree with the President on the agenda.


Pentru a downloada raportul trebuie să vă autentificați


Fiscal Policies Review, August 6 - 13, 2018
On August 6, the Ministry of Public Finances put up for debate the budget adjustment (general budget & social insurance budget). The official press release informs that the positive adjustment keeps under the deficit target (2.97%) with a GDP growth of 5.5%. In nominal terms, the GDP advanced to RON 945 billion from the initial estimation of RON 907.9 billion. As announced by PM Dăncilă in the sitting held on August 2 when the adjustment was first presented, additional funds go to local budgets (RON 1,125.9 million), Ministry of Health (RON 333.6 million), Ministry of Finances (RON 1,278.8 million), Ministry of Interior, National education, Transports, Agriculture, SGG, FNUASS, Social Insurance Budget. On August 6, the Central Bank decided to maintain the key interest rate at 2.5%. Two days later BNR Governor Mugur Isărescu presented the August report on inflation. The main message was against stimulating the demand, as it will lead to higher imports. The Governor also pointed out that the GDP growth is rather closer to the 4% tier than to the 5.5% announced by the Government. In the context of the budget adjustment and of the growing risk of exceeding the deficit, considering BNR’s warnings on inflation, the Government put up for debate the new Pension Law. According to Minister of Labor Lia Olguța Vasilescu, the retirement age remains unchanged. The pension budget will also have to be increased by RON 15 billion by 2022, Minister Vasilescu also highlighted on Friday, August 10, as “pensions will be doubled.”


Pentru a downloada raportul trebuie să vă autentificați


Fiscal Policies Review July 30 - August 6, 2018
In an interview for DCNews, FinMin Teodorovici argued that the minimum wage should only be enforced to public administration and not to private companies. Two days later, Minister of Labor Lia Olguța Vasilescu contradicted Teodorovici, stressing that the minimum wage will not be eliminated. On the other hand Teodorovici’s statement gained traction from the business environment, the Association of Romanian Businessmen calling for public debates on the issue of maintaining or eliminating the minimum wage. On Wednesday, August 1st, the Constitutional Court of Romania published the motivation behind the decision of unconstitutionality of the Draft Bill for the creation of the Development and Investment Sovereign Fund (FSDI). CCR’s decision highlights that regardless of the legal nature of FSDI, its establishment must be enacted as an administrative measure, (Gov’t’s decision) and not through a law adopted in Parliament. On July 18, the Court ruled that the Fund must be established through Gov’t Resolution. The National Council for SMEs (CNIPMMR) argued against the establishment of the Fund, deeming it illegal.              


Pentru a downloada raportul trebuie să vă autentificați




Issue Monitoring

Telefon: 031.080.2370 | Fax: 031.080.2371 | Email: office@cmpp.ro
2018 © Issue Monitoring. ALL Rights Reserved. Privacy Policy | Terms