EC to launch excessive deficit procedure against Romania
The European Commision will launch on next Wednesday the excessive deficit procedure against Romania for exceeding the allowed budgetary deficit of 3% of GDP, a European official declared, quoted by Reuters.
Romania registered, after the first five months of this year, a 8.8 billion euro commercial deficit as compared to 7.9 billion euro in the similar period in 2007, and was classed as having the sixth greatest European commercial deficit, according to Eurostat estimations.