Finance Minister Alexandru Nazare will present fiscal measures at the ECOFIN meeting to avoid the suspension of EU funds due to the budget deficit.

At the ECOFIN meeting in Brussels, Minister Alexandru Nazare will present a package of fiscal measures including an increase in VAT, excise duties and the introduction of CASS for various social categories. Romania faces a budget deficit of 9.3% of GDP and is in excessive deficit procedure. Prime Minister Ilie Bolojan emphasized that the current measures are just a start and that other fiscal packages will follow to correct financial imbalances. Wages and pensions will also remain frozen until 2026 and subsidies for political parties will be cut by 40%. The European Commission will assess Romania's progress every 6 months.