Romania avoids negative recommendations under EU's excessive deficit procedure

The significant fiscal consolidation measures recently adopted by the Romanian government are "an important and positive step" towards complying with the new Excessive Deficit Procedure (EDP) recommendation, provided that all measures are fully and swiftly legislated and implemented, Valdis Dombrovskis, Executive Vice-President of the European Commission responsible for Trade and Economy said in his remarks after the July 8 Ecofin meeting in Brussels.

"We will monitor progress closely and come forward with our assessment in autumn," Dombrovskis said.