Q2 / Average monthly income per capita in Romania has risen to nearly RON 1,600: Changes in redistribution of family budget
Data published by INS for the second quarter of 2018 show that Romanians’ monthly incomes have reached nearly RON 1,600 per person. They were RON… Mai mult›
According to the data released by Eurostat, Romania’s current account deficit exceeded, in the second quarter of the year, the threshold of five percentage points… Mai mult›
Strategic chemical industry: Romania, on top in import increase and ranking last in EU in terms of increase in exports outside single market
Data published by Eurostat show that Romania recorded the second highest annual growth rate in imports of non-EU chemicals from 2007 to 2017 (13.1% per… Mai mult›
Rising incomes have fuelled consumption and, implicitly, the economic growth in recent years, but not the savings. Although a large proportion of the population… Mai mult›
Total turnover in the IT sector increased by 11 percentage points in 2017 compared to 2016 and exceeded the four billion euro threshold forecasted, according… Mai mult›
European mechanism “Money only for the rule of law”: Commission’s radical initiative to “strengthen correlation between EU funds and rule of law”
de Victor Bratu , 7.5.2018
Translated in common language, the Commission formulated on Wednesday the principles of a mechanism based on which to cut European funding for those member states that do not respect the “rule of law” principle.
The new framework would obviously be applied starting with the next financial year.
Very important: The so-called “Financial Supervisory Mechanism” is a separate proposal from the draft multiannual budget – which requires the unanimous approval of the member states in order to be adopted, so it does NOT need unanimity to be put into operation.
Present at the European Parliament, where the draft budget was discussed before the public presentation, President Jean Claude Juncker assured MEPs that the proposal is “about respecting the rule of law, which is an indispensable condition for the sound financial management,” and does not target any particular state, but will be applied across the Union.
It is clear, however, that once adopted, the mechanism will put pressure first on Hungary and Poland, countries harshly criticized lately for their internal slippages, but also on Romania, which has already come under the spotlight because of the changes in the laws of the judiciary.
Details of the mechanism
The newly proposed mechanism would allow the EU to suspend, reduce or restrict access to European funding in a manner “proportionate to nature, gravity or areas affected by the deficiencies of the rule of law.”
A possible decision in this respect against a member state should be proposed by the Commission and adopted by the Council by the so-called reverse vote of the qualified majority. That is, the proposal is adopted unless a qualified majority is against it.
In the Council, the qualified majority is voted by at least 55% of the member states (16 out of 27), representing at least 65% of the EU population.This decision can be invoked when, from the rule of law point of view, a generalized deficiency threatens:
- The proper functioning of the authorities implementing the European Union budget
- the correct functioning of the investigation and prosecution against budget-related fraud and corruption acts
- efficient judicial control run by independent courts
- prevention and punishment of fraud, corruption or other breaches of the EU budget legislation
- efficient and timely cooperation with the European Anti-Fraud Office and the European Prosecutor’s Office
The new rules would be applied in relation to:
- all European funds under common administration
- funds under direct and indirect management, where the financial beneficiary is a government entity (national, regional, local authority, public body or private organization entrusted with a public service mission)
Lăsați un comentariu
Only Cluj-Napoca is among the 22 European cities that will receive financing from the European Regional Development Fund (FEDR) for innovative solutions in addressing urban… Mai mult›
Prime Minister Dancila dismissed 13 of 15 civil society representatives from Economic and Social Council. They were blocking legislation that did not gathered all opinions
Prime Minister Viorica Dancila has replaced 13 of the 15 civil society representatives in the Economic and Social Council (CES). Following a decision published on… Mai mult›
West Quadrilateral / Four counties joined to directly access European money for major infrastructure projects
From right to left: Gheorghe Falca, Nicolae Robu, Ilie Bolojan. Emil Boc, Mayor of Cluj Napoca, misses Four mayors from the West of the country… Mai mult›
Chamber of Deputies / PSD loses UDMR’s support for amending Offshore Law, draft returns to committees for a week
The plenum of the Chamber of Deputies decided on Wednesday to resend the Offshore Law to committees after a seemingly surprising request of UDMR leader… Mai mult›
The Government adopted on Thursday the draft Emergency Ordinance for amending and supplementing legislation in the field of insolvency, which provides among other things for… Mai mult›
Unlike the vast majority of the economic areas, in which we are at the bottom of the European ranking, Romania succeeded to rank 7th by… Mai mult›
There are clear signs that the lobbying action launched by the ruling coalition in Brussels in favour of the government in Bucharest will end with… Mai mult›
MFP: Romania does not endorse a separate budget for Eurozone and rejects the idea of taxing financial transactions
Romania does not endorse a separate budget for Eurozone and rejects the idea of taxing financial transactions, Minister of Public Finance Eugen Teodorovici said after… Mai mult›
Finance Ministry wants to change rules for insolvency: state could also register claims after procedure is launched
Companies’ possibility to avoid paying creditors (and in particular the payment of tax receivables) simply by declaring their insolvency would be drastically limited, according to… Mai mult›
Prime Minister Viorica Dancila, European Commissioner Phil Hogan and Agriculture Minister Petre Daea The swine fever epidemics in Romania has an impact on neighbouring countries,… Mai mult›
Infrastructure projects lost EUR 41.5 million following budget amendment. In what projects cuts have been made
Despite the assurances that Dancila government is concerned and intensely working on the road infrastructure projects, at the budget amendment the Transport Ministry has cut… Mai mult›
Leaders of the political groups in the European Parliament have decided to adopt in October a resolution on the rule of law in Romania. The… Mai mult›
"Romania's buffers have deteriorated, the country is less prepared for a negative shock" - IMF will reduce economic growth estimate
Romania will be less prepared if the economy is hit by a negative shock, as the structural deficit has been deteriorated - IMF representative for… Mai mult›
Premiere: CSAT asks Finance Ministry to amend amendment - session suspended until Government comes with a draft that does not affect budgets of secret services
President Klaus Iohannis suspended on Tuesday the CSAT meeting for discussing the budget amendment, as there was no consensus on the budgets of institutions from… Mai mult›