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EU fiscal compact "guarantees" Romania's eurozone entry in 2015: PM

(Xinhua)

09:24, December 13, 2011

BUCHAREST, Dec. 12 (Xinhua) -- Romanian Prime Minister Emil Boc on Monday said the signing of an inter-governmental treaty to enshrine tougher fiscal discipline would give the country the "guarantee" to join the now 17-member eurozone in 2015.

"The observance of the criteria within the inter-governmental agreement on fiscal governance means the guarantee that Romania will join the eurozone in 2015," said Boc, also chairman of the Democratic Liberal Party.

"Romania has undertaken since 2010 the measures the EU is asking today the eurozone-member states and the countries wanting to adhere to the intergovernmental agreement on fiscal governance," he said.

The premier said Romania will record a deficit which accounts for 4.4 percent of its GDP in 2011. The country is expected to see a zero-deficit budget in 2013.

"That is exactly what the EU demands its member states, to have balanced budgets, if possible exceeding budgets, but not to exceed 0.5 percent structural deficit and not to register an excessive deficit, namely over 3 percent," underlined the prime minister.

He stressed that Romania was aiming to meet these objectives, following the agreement sealed with the International Monetary Fund and the European Commission, adding that the level of public debt will amount to 33 percent of GDP at 2011 yearend.

 
 
 
 
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