Daily Newsletter
25 January 2018
Summary
- Romania moved up three places in a Bloomberg index of the most innovative economies in the world (Source: profit.ro)
- The 3-month Robor index decreased to 1.97% (Source: news.ro)
- On "Union Day": Romania is crumbling socially - the regional disparities are worse and worse (Source: cursdeguvernare.ro)
Macroeconomic News (3) |
Romania moved up three places, to the 35th place, in this year's Bloomberg index of the 50 most innovative economies of the world, led, in this order, by South Korea and Sweden, in which the United States did not occupy one of the first 10 places for the first time in the last six years. The index is compiled using seven criteria, including the expenses for research and development and the level of concentration of public companies from the high-tech industry, according to news.ro. Top |
Romania received EUR 3.6 billion from EU in 2017, most of the money being for agriculture The data centralized by the Ministry of European Funds shows that Romania received from EU non-reimbursable funds worth EUR 3.6 billion in 2017, from which EUR 1.7 billion came through the European Agricultural Guarantee Fund - EAGF. According to the Ministry, EC gave Romania EUR 1.09 billion as reimbursement for the operational programs managed by the Ministry for Regional Development, Public Administration and European Funds (MDRAPFE) and financed with European structural and investment funds (except for European territorial cooperation programs), which represent 4.83%. Top |
Romania has a budget deficit, according to ESA, of 2.8% of the GDP at most for 2017, and on cash, it is 2.96% of the GDP, announced today the Minister of Public Finances, Ionuţ Mişa, after his hearing in the Economic Committee from the Senate. Regarding the macroeconomic situation of Romania, Mişa stated: "We have an ESA deficit of 2.8% at most, as the target we committed to at the beginning of the year was 2.96%. The cash deficit is within the target of 3%, 2.96%, as we committed to 2.98% at the beginning of the year. The structural deficit will be smaller than the one estimated at the beginning of the year and all these positive macroeconomic indicators put us in another relation with our partners from Brussels". Top |
Financial News (3) |
The 3-month Robor index decreased to 1.97% The 3-month Robor index, according to which the interest rates of most loans in RON are calculated, decreased to 1.97%, according to the data published Tuesday by the National Bank of Romania (BNR). The 3-month Robor index is the main index according to which the variable interest rates for loans in RON are calculated. On Monday, the index decreased to 1.98%, after it had increased on Friday to 1.99%. Top |
The general manager of French banking group Societe Generale, Frederic Oudea, expects the conditions on the market to improve this year, adding that in the following weeks or months, he intends to reach an agreement to end the conflicts with US authorities, according to Reuters. In 2017, the low volatility affected the results of investment banks, but Oudea said the volatility may increase as central banks end the ultra-relaxing monetary policies, according to Agerpres. Top |
The total private credit for the population and companies reached in December 2017 an annual growth rhythm of 5.6% compared to the same month in 2016. The growth of loans was supported exclusively by the rise of loans in RON, while loans in currency kept decreasing. Compared to November, total private loans decreased in December. Top |
Investment News (1) |
The Ministry for Regional Development, Public Administration and European Funds (MDRAPFE) announced Tuesday that it had received from the European Commission (EC) EUR 1.09 billion as reimbursement for the operational programs managed by the Ministry and financed through European structural and investment funds, except for European territorial cooperation programs, which represents a level of absorption of 4.83%. "Romania received EUR 1.09 billion from the European Commission (EC) as reimbursement for the operational programs managed by MDRAPFE and financed through European structural and investment funds, except for European territorial cooperation programs, which represents 4.83%", according to the press release. Top |
Legislative News (2) |
The European Commission expressed Wednesday its concern with the recent events in Romania, asking the Parliament from Bucharest in this context to "rethink the actions proposed" for the modification of the justice laws. "We are following the recent events from Romania with concern. The independence of the Romanian legal system and its capacity to efficiently fight corruption are fundamental backbones of a strong Romania in EU", according to a common statement of the president of the European Commission, Jean-Claude Juncker, and prime-vice-president Frans Timmermans, published on the website of the Commission. Top |
The Constitutional Court rejected the request of debtors who are in a lawsuit with OTP Bank that the article that imposes a cap of up to EUR 250,000 for dation in payment requests be deemed unconstitutional. The Court was notified in October 2017 by the Cluj Specialized Court in a case in which OTP Bank contested the notification of debtors to eliminate the debt through the dation in payment of the mortgaged property in favor of the bank. Top |
Politics (2) |
The president of the Chamber of Deputies and PSD, Liviu Dragnea, and the president of the Senate and ALDE, Călin Popescu Tăriceanu, say in a common letter for the officials of the European Commission they are worried about the "incorrect manner" in which they were informed "about the transparency of the debate on the justice from Romania". Top |
PNL thinks the point of view expressed by the European Commission regarding Romania's evolution in the justice shows that European officials were not "misinformed by the manipulation campaigns from the country", and the warning issued by EU seriously affects the country's image, with Romania risking having its European funds cut and losing the right to vote in the European Council. Top |