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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. -
Tradenet Presentation Chamber of Kavala 13 3 2012
PROJECT BLACK SEA TRADENET DOING BUSINESS WITH ROMANIA RODICA BELTEU – CONSTANTA CHAMBER OF COMMERCE, INDUSTRY, SHIPPING AND AGRICULTURE WORKSHOP DOBRICH, BULGARIA, 13-14 MARCH 2012 COUNTRY PROFILE Official name: ROMANIA Flag and coat of arms: Legal system: Romania is a parliamentary republic. The Parliament represents the legislative power in the state. It is a bicameral 471-seat Parliament composed of the Senate (137 seats) and the Chamber of Deputies (334 seats). The Government, led by a prime-minister appointed by the president of the country, is the executive power. Geographical location: Romania is located in the geographical center of Europe (southeastern of Central Europe), on the Black Sea coast. It lies on north of the Balkanic peninsula, inside and outside the Carpathian arch, on the lower Danube (1075 km) and by the Black Sea. Frontiers: The length of Romania’s frontiers is of 3150 km, of which 1085.5 km are terrestrial frontiers, and 2064.5 km water frontiers. Romania shares a border with Hungary and Serbia to the west, Ukraine and Moldova to the northeast and east, and Bulgaria to the south. Area: With a surface area of 238,391 km², Romania is the largest country in southeastern Europe and the twelfth-largest in Europe. 1 COUNTRY PROFILE COUNTRY PROFILE Relief: Romania’s relief is composed of three main levels, namely the high level of the Carpathian Mountains, the middle level of the Sub-Carpathians, hills and plateaus, and the lowlands of plains, meadows and Danube Delta. These major relief forms are disposed in balanced concentric areas: 31% mountains, 36% hills and 33% lowlands. -
Usaid and Child Welfare Reform in Romania
USAID AND CHILD WELFARE REFORM IN ROMANIA CHALLENGES, SUCCESSES, AND LEGACY JULY 2006 This report was produced for the Social Transition Team, Office of Democracy, Governance and Social Transition of the United States Agency for International Development (USAID/DGST/E&E) by Aguirre International, a division of JBS International, Inc. It was prepared under Task Order 12 of the Global Evaluation and Monitoring (GEM) IQC, Contract No. FAO-I-00-99-00010-00. The authors are Lucia Correll, Tim Correll, and Marius Predescu. USAID AND CHILD WELFARE REFORM IN ROMANIA Challenges, Successes, and Legacy The author’s views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. Romanian Child Welfare Legacy Report TABLE OF CONTENTS ACRONYM LIST.......................................................................................................................... V EXECUTIVE SUMMARY ............................................................................................................ IX Background on USAID’s Child Welfare Programs in Romania .............................................. ix The Politics of International Adoption..................................................................................... xi The Legacy ............................................................................................................................ xi Key Lessons Learned .......................................................................................................... -
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. -
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. -
Tourism Demand in Romania
Tourism Demand in Romania Manuela Sofia STĂNCULESCU1 Research Institute for the Quality of Life, Romanian Academy University of Bucharest Monica MARIN2 Research Institute for the Quality of Life, Romanian Academy Abstract This paper presents an analysis of the evolution and main characteristics of tourism in Romania from the demand side. The study is organized in two parts.The first part focuses on the holiday trips of at least one overnight stay. The approach is comparative, Romania being benchmarked against the EU-27 average. The analysis shows that the touristic demand in Romania has followed a trend parallel with the GDP curve as the touristic demand is strongly correlated with the level of population disposable income. The second part of the analysis refers to the same-day trips (with no overnight stay). Among the same-day visits of the Romanian residents, the domestic trips predominate by far. Main purposes include visiting relatives or friends, shopping, leisure and recreation (including picnic) or medical treatment. Key words: tourism; tourism demand; holiday trips; same-day trips. Introduction This paper analyzes the statistics in the field of tourism from the demand side. ‘Tourist’ is considered here in line with the definition adopted at the UN Conference on Tourism and International Travel (Rome, 1963), as completed at the International Conference on Travel and Tourism Statistics in Ottawa (Canada, 1991), which has been implemented by Eurostat at the European level since 2004. Thus, ‘tourism means the activities of persons travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes’3 (Eurostat, 2011). -
Romanian Exceptionalism 2016 Irina Oana Gheorgh
Explaining the Persistence of Unprofessional Bureaucracy in a Modernising State: Romanian Exceptionalism A Thesis submitted to The University of Manchester for the degree of Doctor of Philosophy In the Faculty of Humanities 2016 Irina Oana Gheorghe Alliance Manchester Business School/People, Management and Organisations Table of Contents Chapter 1: The Challenge of Modernising Public Administration in Romania 1. Introduction……………………………………………………………………………… 9 1.1 The problem with Romanian Public Administration................... 13 1.2 Aims and Objectives.................................................................... 16 1.3 Structure of the Thesis…………………………………………………………… 22 1.4 Conclusion……………………………………………………………………………… 26 Chapter 2: Public Administration in Romania: The legacy of the Past 2.1 Introduction…………………………………………………………………………… 28 2.2 Institutional Theories…………………………………………………………..… 29 2.3 International level of analysis for Public Management…………… 39 2.4 European/Regional level of analysis of Public Management…… 48 2.5 Adapting Managerialism to Public Administration………………… 53 2.6 Towards a Framework of Analysis…………………………………………… 59 2.7 Conclusion……………………………………………………………………………… 61 Chapter 3: Research Data and Methodology 3.1 Introduction…………………………………………………………………………… 63 3.2 Institutionalism and Method…………………………………………………… 66 3.3 Research Design and Method………………………………………………… 67 3.4 Developing the Research Methods: Elite interviewing…………… 73 3.5 The use of Secondary Data……………………………………………………… 75 3.6 Developing the Interview Questions………………………………………. -
Bk Inno 001904.Pdf
LESSON NOTES Intermediate S1 #1 Giving Your Opinion in Romanian CONTENTS 2 Romanian 2 English 3 Vocabulary 4 Sample Sentences 5 Vocabulary Phrase Usage 6 Grammar 10 Cultural Insight # 1 COPYRIGHT © 2018 INNOVATIVE LANGUAGE LEARNING. ALL RIGHTS RESERVED. ROMANIAN 1. Profesor În opinia lui Durkheim, sociologia este o știință distinctă și Petrescu: autonomă. 2. Marcel: Domnule profesor, mă scuzați, cum ați zis că se numește lucrarea de bază scrisă de Durkheim? 3. Profesor Da, "Regulile metodei sociologice", publicată în anul 1895. Petrescu: 4. Marcel: Mulțumesc. Aș vrea să o citesc. Credeți că sunt șanse să o găsesc la biblioteca universității? 5. Profesor Da, sigur. Dacă nu o găsiți, vă rog să mă contactați. Aș vrea Petrescu: să pregătiți pentru seminar o prezentare în perechi a punctelor cheie din această lucrare. 6. Simona: Mă scuzați, aș putea face eu echipă cu Marcel? 7. Profesor Da, sigur. Marcel, ești de acord că lucrezi cu Simona și să Petrescu: prezentați săptămâna viitoare? 8. Marcel: Sigur. Am însă o problemă, nu mă pot pregăti pentru următorul seminar deoarece am un alt examen la un curs opțional. Se poate amâna pentru încă o săptămână? Mulțumesc. 9. Profesor Da, pentru mine este în ordine. Stabilește și cu Simona și Petrescu: dați-mi de veste dacă vă pot ajuta cu ceva. ENGLISH 1. Professor According to Durkheim, sociology is a distinct and Petrescu: autonomous science. CONT'D OVER ROMANIANPOD101.COM INTERMEDIATE S1 #1 - GIVING YOUR OPINION IN ROMANIAN 2 2. Marcel: Professor, excuse me, what did you say Durkheim's basic work is called? 3. Professor Well it's "The Rules of the Sociological Method," published in Petrescu: 1895. -
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.