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Country Report Romania 2020
EUROPEAN COMMISSION Brussels, 26.2.2020 SWD(2020) 522 final COMMISSION STAFF WORKING DOCUMENT Country Report Romania 2020 Accompanying the document COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN CENTRAL BANK AND THE EUROGROUP 2020 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011 {COM(2020) 150 final} EN EN CONTENTS Executive summary 4 1. Economic situation and outlook 9 2. Progress with country-specific recommendations 17 3. Summary of the main findings from the MIP in-depth review 21 4. Reform priorities 25 4.1. Public finances and taxation 25 4.2. Financial sector 30 4.3. Labour market, education and social policies 33 4.4. Competitiveness, reforms and investment 45 4.5. Environmental Sustainability 63 Annex A: Overview Table 67 Annex B: Commission debt sustainability analysis and fiscal risks 75 Annex C: Standard Tables 76 Annex D: Investment guidance on Just Transition Fund 2021-2027 for Romania 82 Annex E: Progress towards the Sustainable Development Goals (SDGs) 85 References 90 LIST OF TABLES Table 1.1: Key economic and financial indicators 16 Table 2.1: Assessment of 2019 CSR implementation 19 Table 3.1: MIP assessment matrix (*) - Romania 2020 23 Table C.1: Financial market indicators 76 Table C.2: Headline Social Scoreboard indicators 77 Table C.3: Labour market and education indicators 78 Table C.4: Social inclusion and health -
Romanian Financial Highlights EN December
NEWS Romanian Financial Highlights – December 2012 Currency quotations Foreign exchange rates BNR base interest December 31, 2012 Quotation Date RON/EUR RON/USD Date Inflation rate % rate EUR/USD 1,32 21.dec 4,4451 3,3636 oct.12 0,29 Oct 5.25% USD/JPY 0,86 24.dec 4,4231 3,3468 nov.12 0,04 Nov 5.25% GBP/USD 1,62 27.dec 4,4296 3,3384 dec.12 0,60 Dec 5.25% USD/CHF 0,92 28.dec 4,4291 3,3619 2011 5,79 EUR/CHF 1,21 31.dec 4,4287 3,3575 2012 4,95 Source: National Bank of Romania, National Institute of Statistics RON/USD Evolution of National Currency (2010-2012) Evolution of national Currency (last month) - RON/EUR Evolution of national Currency (last month) - RON/USD RON/EUR 4,7 4,6800 3,5500 4,6400 4,2 3,4800 4,6000 4,5600 3,4100 3,7 4,5200 3,3400 4,4800 3,2 3,2700 4,4400 4,4000 3,2000 2,7 c c c c c c c 1 2 2 ec ec ec ec ec ec e e ec ec ec ec ec ec ec ec -10 11 -11 -11 -1 -11 12 -12 12 -12 -12 -1 12 D D D D D D D D D D D D D D D b-11 r- n ct b-12 n g-1 p ct v- -De -D -De - -De ec Jan-11 e pr Ju Jul-11 Jan- e pr ay- Ju Jul-12 u e 1-Dec 3- 5-Dec 7-Dec 9-Dec 9-De 1- 3 5- 7- 9-Dec 9-De D F Ma A May-11 Aug-11 Sep-11 O Nov Dec-11 F Mar-12 A M A S O No Dec-12 11- 13- 15 17- 1 21 23-Dec 25 27-Dec 29- 31-Dec 11-Dec 13-Dec 15- 17-Dec 19- 21- 23- 25- 27- 2 31 Deposits interest Futures quotations BMFMS 1) Futures quotations BMFMS Maturity Interest Interest Contract Maturity Amount Contract Maturity Amount ROBID ROBOR RON RON 1 month 5,54% 6,04% EUR/RON mar.13 4,5050 DESNP mar.13 0,4315 3 months 5,55% 6,05% EUR/RON iun.13 4,5500 DETLV mar.13 0,8715 6 months -
The Policy of the Exchange Rate Promoted by National Bank of Romania and Its Implications Upon the Financial Stability
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics THE POLICY OF THE EXCHANGE RATE PROMOTED BY NATIONAL BANK OF ROMANIA AND ITS IMPLICATIONS UPON THE FINANCIAL STABILITY Vechiu Camelia “Constantin Brâncoveanu” University Pite 2ti, Faculty of Management-Marketing in Economic Affairs, Br ;ila Enache Elena “Constantin Brâncoveanu” University Pite 2ti, Faculty of Management-Marketing in Economic Affairs, Br ;ila Marin Carmen “Constantin Brâncoveanu” University Pite 2ti, Faculty of Management-Marketing in Economic Affairs, Br ;ila Chifane Cristina “Constantin Brâncoveanu” University Pite 2ti, Faculty of Management-Marketing in Economic Affairs, Br ;ila The more profound world economic crisis has strongly marked the evolution of the Romanian financial system. The size of current account deficit, the relatively high external financing needs and the dependence of the banks on it, the high ratio between loans in foreign currency and deposits in foreign currency made of the Romanian economy, a risky destination for investors. In these conditions, since the end of 2008 and throughout 2009, the government's economic program was focused on reducing the external deficit in both public and private sector, on minimizing the effects of recession, on avoiding a crisis of the exchange rate and on cooling the inflationary pressures. Keywords: monetary policy, exchange rate, external financing, budget deficit JEL classification: E58 1. The interventions of NBR on the foreign exchange market Supported by the global financial crisis, the evolution of the Leu rate has raised major problems. As in the period 2005-2007, the currency incomings have overestimated the Romanian national currency way above the level indicated by the fundamental factors of the exchange rate, the reduction of the foreign financing and the incertitude have afterwards determined an unjustified depreciation of the Romanian Leu. -
Timeline / 1870 to After 1930 / ROMANIA
Timeline / 1870 to After 1930 / ROMANIA Date Country Theme 1871 Romania Rediscovering The Past Alexandru Odobescu sends an archaeological questionnaire to teachers all over the country, who have to return information about archaeological discoveries or vestiges of antique monuments existing in the areas where they live or work. 1873 Romania International Exhibitions Two Romanians are members of the international jury of the Vienna International Exposition: agronomist and economist P.S. Aurelian and doctor Carol Davila. 1873 Romania Travelling The first tourism organisation from Romania, called the Alpine Association of Transylvania, is founded in Bra#ov. 1874 Romania Rediscovering The Past 18 April: decree for the founding of the Commission of Public Monuments to record the public monuments on Romanian territory and to ensure their conservation. 1874 Romania Reforms And Social Changes Issue of the first sanitation law in the United Principalities. The sanitation system is organised hierarchically and a Superior Medical Council, with a consultative role, is created. 1875 - 1893 Romania Political Context Creation of the first Romanian political parties: the Liberal Party (1875), the Conservative Party (1880), the Radical-Democratic Party (1888), and the Social- Democratic Party of Romanian Labourers (1893). 1876 Romania Reforms And Social Changes Foundation of the Romanian Red Cross. 1876 Romania Fine And Applied Arts 19 February: birth of the great Romanian sculptor Constantin Brâncu#i, author of sculptures such as Mademoiselle Pogany, The Kiss, Bird in Space, and The Endless Column. His works are today exhibited in museums in France, the USA and Romania. 1877 - 1881 Romania Political Context After Parliament declares Romania’s independence (May 1877), Romania participates alongside Russia in the Russian-Ottoman war. -
Romania, December 2006
Library of Congress – Federal Research Division Country Profile: Romania, December 2006 COUNTRY PROFILE: ROMANIA December 2006 COUNTRY Formal Name: Romania. Short Form: Romania. Term for Citizen(s): Romanian(s). Capital: Bucharest (Bucureşti). Click to Enlarge Image Major Cities: As of 2003, Bucharest is the largest city in Romania, with 1.93 million inhabitants. Other major cities, in order of population, are Iaşi (313,444), Constanţa (309,965), Timişoara (308,019), Craiova (300,843), Galati (300,211), Cluj-Napoca (294,906), Braşov (286,371), and Ploeşti (236,724). Independence: July 13, 1878, from the Ottoman Empire; kingdom proclaimed March 26, 1881; Romanian People’s Republic proclaimed April 13, 1948. Public Holidays: Romania observes the following public holidays: New Year’s Day (January 1), Epiphany (January 6), Orthodox Easter (a variable date in April or early May), Labor Day (May 1), Unification Day (December 1), and National Day and Christmas (December 25). Flag: The Romanian flag has three equal vertical stripes of blue (left), yellow, and red. Click to Enlarge Image HISTORICAL BACKGROUND Early Human Settlement: Human settlement first occurred in the lands that now constitute Romania during the Pleistocene Epoch, which began about 600,000 years ago. About 5500 B.C. the region was inhabited by Indo-European people, who in turn gave way to Thracian tribes. Today’s Romanians are in part descended from the Getae, a Thracian tribe that lived north of the Danube River. During the Bronze Age (about 2200 to 1200 B.C.), these Thraco-Getian tribes engaged in agriculture, stock raising, and trade with inhabitants of the Aegean Sea coast. -
Trends in Adult and Continuing Education in Romania, a Country in Transformation
Simona Sava Trends in Adult and Continuing Education in Romania, a Country in Transformation The Plan to market transition brought with it the restructuring of the labour market, but also unemployment, new job profiles, and ongoing reform of the education sys- tem. Within the catch-up process of joining the EU and harmonizing the legislative framework and developments with the aquis communautaire, the effort to set up and implement effective policies was relatively coherent. But the results achieved so far show that much more efforts are needed, as the participation rate of adults in educa- tion is still only 1.6 percent. Positive trends can be identified as well: a diversified range of institutions, a national system of quality assurance and of APEL (Accreditation of Prior Experiential Learning), increased funds allocated in the last two years, and an increased awareness and know-how in the field of ACE1. 1. Looking back at the last two decades Romania is one of the largest countries to have joined the European Union recently, with about 22 million inhabitants. Since 1989, the year of the revolution that ended communist domination, the country is undergoing a transformation from a central- ized state communist society and ideology to a democratic pluralist one and mar- ket economy. This transition required the enablement of adults to cope with these changes, on the one hand. On the other hand, this transition meant the restructuring of the labour market since large industrial enterprises were closed down and many small and medium enterprises (SME) were set up. The closing down of the large, formerly state owned enterprises forced them to lay off large numbers of people. -
Mugur Isărescu
Mugur Isărescu: Is European financial integration stalling? Opening remarks by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the EUROFI High Level Seminar, Bucharest, 3 April 2019. * * * Honourable guests, Ladies and gentlemen, Please allow me to welcome you here, at the Royal Palace. We are honoured to host here, in Bucharest, so many outstanding guests at such a landmark event. It is a perfect occasion to exchange views and liaise with representatives of public and banking authorities and of the financial industry across the European Union. During the talks over the past few days, and particularly on the occasion of the EUROFI High- level Seminar, I heard strong voices from the banking community which were rather pessimistic about the prospects of further banking and financial integration. We, at the Eastern frontier of the EU, are compelled to take a more positive outlook regarding the future of our continent. Speaking about the difficulties of the financial sector in Europe, it is important to point out the positive aspects and evolutions as well. Certainly, favourable developments have taken place all over Europe and we should acknowledge them and move forward with more confidence. Specifically, financial fragmentation has been mitigated as a result of broad-based non-standard policy measures taken by the ECB. Looking ahead, completing the Economic and Monetary Union, which involves risk-sharing tools and risk-reduction efforts, is the way forward to address financial fragmentation. In the case of Romania, I could say we have already taken important steps towards joining the banking union: no public funds were resorted to after the crisis outbreak to support the banking system and now its liquidity and solvency ratios are well above the prudential thresholds. -
Romania 01 2016-17 Transition for All: Equal Opportunities in an Unequal World
TRANSITION REPORT COUNTRY ASSESSMENTS: ROMANIA 01 2016-17 TRANSITION FOR ALL: EQUAL OPPORTUNITIES IN AN UNEQUAL WORLD Highlights ROMANIA • The economy grew by 3.7 per cent in 2015 on the back of private consumption. Growth was supported by an increase in wages, better labour market conditions and subdued inflation, which has been negative since June 2015 on the back of lower food and energy prices, the reduction in VAT and lower inflation expectations. • Romania continued its progress under the Cooperation and Verification Mechanism, but challenges remain. Romania made progress in the independence of its judiciary and the fight against high-level corruption, according to the European Commission. An anti-corruption strategy was launched for public debate in July 2016. • The decline in non-performing loans (NPLs) continued. The NPL ratio decreased to 10.6 per cent in August 2016, from a peak of 22.0 per cent at the end of 2013, on the back of the central bank’s initiative to stimulate NPL write-off, and an improvement in lending to the private sector. Meanwhile, banks continued to restructure their loan portfolios. Key priorities for 2017 • The fight against corruption should be further strengthened. While Romania progressed in its fight against corruption, the country has yet to reach a full consensus on judiciary reforms and needs to consolidate existing reforms to maintain sustainable and irreversible progress. • Efforts should be made to improve infrastructure. The quality of transport infrastructure remains poor by EU standards and the lack of coordination and strategic planning hampers public investments. The legal framework on public procurement should be improved by further pursuing the ongoing reorganisation of the procurement system. -
The European Centre for Higher Education: a UNESCO Effort to Red 70 Number 76, Spring 2017
Comparative Civilizations Review Volume 76 Article 10 Number 76 Spring 2017 4-25-2017 The urE opean Centre for Higher Education: A UNESCO Effort to Reduce Cold War Tensions and to Promote Co-operation in Higher Education in Europe Leland Conley Burrows Follow this and additional works at: https://scholarsarchive.byu.edu/ccr Part of the Comparative Literature Commons, History Commons, International and Area Studies Commons, Political Science Commons, and the Sociology Commons Recommended Citation Conley Burrows, Leland (2017) "The urE opean Centre for Higher Education: A UNESCO Effort to Reduce Cold War Tensions and to Promote Co-operation in Higher Education in Europe," Comparative Civilizations Review: Vol. 76 : No. 76 , Article 10. Available at: https://scholarsarchive.byu.edu/ccr/vol76/iss76/10 This Article is brought to you for free and open access by the All Journals at BYU ScholarsArchive. It has been accepted for inclusion in Comparative Civilizations Review by an authorized editor of BYU ScholarsArchive. For more information, please contact [email protected], [email protected]. Conley Burrows: The European Centre for Higher Education: A UNESCO Effort to Red 70 Number 76, Spring 2017 The European Centre for Higher Education: A UNESCO Effort to Reduce Cold War Tensions and to Promote Co-operation in Higher Education in Europe Leland Conley Barrows The UNESCO European Centre for Higher Education (CEPES) operated in Bucharest, Romania, from September 1972 through December 2011, as a decentralized unit of the Education Sector of the UNESCO Secretariat*. Its initial Cold War mandate called for it to promote international cooperation in higher education in the Europe Region of UNESCO, a region so defined as to include North America, Turkey, and Israel1, and after the 1991 collapse of the Union of Soviet Socialist Republics, Russia itself and other successor states of the former USSR. -
An Exploration of Arab Students Opinions on Higher Education System in Romania
The Online Journal of Distance Education and e-Learning, October 2016 Volume 4, Issue 4 AN EXPLORATION OF ARAB STUDENTS OPINIONS ON HIGHER EDUCATION SYSTEM IN ROMANIA Sorin Ionescu, Florin Dănălache, Iuliana Grecu University Politehnica of Bucharest Romania [email protected] Abstract: The article analyzes how the Arab students adapts to the education system and daily life in Romania. First it shows the attraction of Romanian schools for Arab students to attend graduate, masters and PhD studies. Then identified some Romanian cultural particularities and how they consider be. Based on the responses to a questionnaire identifies Arab students opinion about how they are received by the Romanian colleagues, and by society in general. Likewise identified Romanian students opinion about their fellow Arabs. At the end of the paper, shows some changes that have been made in teaching to ensure the performance of all students, including those Arabs. Keywords: education abroad, technical education, cultural adaptations. INTRODUCTION Traditionally, Higher Education in Romania has a world-wide reputation as a centre of excellence in learning, teaching and practice. Romanian Universities and Colleges have been receiving thousands and thousands of students from all over the world, especially from developing countries. Today most all Romanian Universities are partners with thousands of well known Universities in all over the world. And Romania has become one of countries offering state-of-the-art facilities and cutting-edge research opportunities together with the chance to walk in the footsteps of so many of the world’s most influential thinkers. Higher education institutions in Romania began to provide education services based on promoting international cooperation between universities in order to respond to the requests coming from different industries. -
The National Bank of Romania Uses FT Content to Foster Its Agility and Adaptability Ft.Com/Group
The National Bank of Romania uses FT content to foster its agility and adaptability ft.com/group The challenge The solution The benefits The strategic decisions taken by the An FT Group Subscription provides Teams and senior colleagues across National Bank of Romania originate a common source of analysis that the National Bank of Romania are in trustworthy political and economic strategists and decision-makers can on the same page when it comes to insight on Europe and beyond. Up use to gain a big picture view of the their understanding of the global to date information is constantly world and identify key themes that financial and political outlook. required in order to adapt to the their specialised teams can then Major policy decisions are informed demanding new challenges facing a explore in greater depth. by accurate analysis and trusted modern central bank. intelligence. You have to go beyond your own box and your own culture. Reading the FT enriches your knowledge and makes us more skilful as an institution. Gabriela Mihailovici Strategy consultant, National Bank of Romania Supporting Romania’s Although the long-term aim is a return to a normal monetary stance, the ‘new normal’ is likely to be rather economic health different. It’s commonly acknowledged that the core objective of Teams across the NBR therefore need to ensure they the majority of central banks is to ensure and maintain have access to accurate sources of analysis in order to price stability. be agile in their strategic decision-making. The National Bank of Romania (NBR), headquartered in Bucharest, shares this primary goal with its EU/ESCB counterparts but equally, the role of central banks is A complicated, global game ever-growing in an environment marked by unusually elevated uncertainties. -
The Role of Education in Romania's Tourism Sector
Tourism and Hospitality Management, Vol. 14, No. 1, pp. 115-128, 2008 A. Ispas: THE ROLE OF EDUCATION IN FOMANIA’S TOURISM SECTOR: FROM LEVEL… T.E.I. Thessaloniki UDC 338.48:378](498) Greece Review Received: 04.03.2008 Institut for Economic Promotion, Austrian Economic Chamber, Vienna, Austria Department of Tourism Management THE ROLE OF EDUCATION IN ROMANIA’S TOURISM SECTOR: FROM LEVEL DESCRIPTORS TO LEARNING OUTCOMES Ana Ispas Transilvania University of Braşov, Romania1 Abstract: Tourism is generally and globally acknowledged as one of the few economic sectors that has more than significant growth prospects and is characterized as a catalyst for peace and prosperity. At the same time, this sector is known for its high turnover of staff, persistent lack of qualified personnel and rapidly changing skill needs. If Romania wants to be a competitive tourist destination, we must assure a high quality of the tourism services and the people who deliver them. The most important labour shortage in Romania’s tourism is at the management level (top and middle management) and entrepreneurs. There are several reasons for this. For a long time, Romania’s tourist industry was dominated by large public enterprises. Most often, top and middle management were not appointed and promoted according to their education and capabilities, but according to other non-professional criteria. Education at all levels, especially higher education, has not been producing a competent labour force. Management education has been especially weak, with no specialized education for management in tourism. Some available programmes were of too general and with little practical training.