The new law on mortgage loans poses serious threats to the legal security and stability of the financial sector in Romania, EU Commissioners Jonathan Hill and Pierre Moscovici have warned.

The European Commissioner for financial services Jonathan Hill and the European Commissioner for Economic Affairs Pierre Moscovici sent yesterday a letter to the Romanian Finance Minister Anca Dragu, reports local Profit.ro.

They advised the Romanian authorities not to continue without consulting the European Commission. They have resumed the arguments that have already presented by Romania’s National Bank and the Central European Bank.

The Parliament voted yesterday the new law on mortgage loans despite the strong opposition to it. The only way to challenge the law now is to contest it at the Constitutional Court.

editor@romania-insider.com