Progress Report on Fiscal Policies, July 4 - July 8, 2016
The following months are expected to be quite eventful for the Government, in light of the recent announcement that their activity will continue all throughout the summer. Over the course of the past week, the Government presented "Competitive Romania", a document setting the course of Romania's economic strategy for the years to come. The document is intended as a strategy and is aimed to ensure a sustainable economic growth, which would result in the convergence between the level of the GDP per capita in Romania and in other European countries. According to this plan, economic growth from 3% to 5% during a year should be attained by capitalizing on GDP's components such as capital, labour force and productivity.   


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Weekly Policy and Political Report June 27 - July 4
Last week proved to be a busy time for the Executive, with no less than 19 Emergency Ordinances passed during their weekly sitting. With the Parliamentary summer recess officially starting on Friday, July 1st, the Government is only allowed to issue simple ordinances on a tight list of matters throughout the summer, until MPs resume their activity in September. Therefore, during Tuesday’s sitting, the Government passed a significant number of Emergency Ordinances on matters that otherwise could not have been regulated over the summer. The Government also announced their plans for the Romanian economy in a post-Brexit EU, as well as new rules for the corporate governance of state-run companies.


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Progress Report on Fiscal Policies, June 27 - July 1, 2016
Over the past week the Government adopted a series of legislative changes having a direct impact over Romania’s fiscal practices, which may contribute to the country not meeting the budgetary deficit target. On Tuesday, June 28, the Government passed an Emergency Ordinance exempting researchers’ wages from taxation, as well as including agricultural inputs on the list of products with a VAT of 9%. Also, on Wednesday June 29, the Minister of Labor announced changes for child-rearing payments, the minimum threshold being raised at 85% of the average minimum gross wage (RON 1,063), while the maximum cap was eliminated and replaced with 85% of the total revenues.


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Weekly Policy and Political Report, June 20 - 24
The effects of the British voters’ decision to exit the European Union have thrown the continent into a swirl of uncertainty. While the exit of the United Kingdom as well as the future relationship with the EU community are still uncertain, one thing was clear, namely the economic repercussions that followed immediately after the result of the referendum was made public. The sterling has plunged to worrying levels, while rating agencies were quick to revise their credit rating outlook to “negative”. Following the success of the “Leave” campaign, more and more EU member states have threatened to hold similar referendums, which strongly affects the credibility of the European Union.


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Progress Report on Fiscal Policies, June 20 - 24, 2016
In the wake of the UK referendum that confirmed that most British people chose the Brexit, concerns over economic outcomes have also been addressed by the Romanian authorities. President Klaus Iohannis has met with National Bank of Romania Governor Mugur Isărescu, Prime Minister Dacian Cioloș and with other key political figures to discuss the implications of this situation for Romania. The conclusion they reached was that there are no reasons for concern in respect to the Romanian economy. “There are no reasons for concern for Romania's economy and for the Romanian finance," Iohannis said, adding that from the discussions with the political leaders, the conclusion is that Romania must continue on its European path. 


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