Romania's Finance Minister Alexandru Nazare has declared strong support for measures aimed at revitalizing the European Union's competitive edge and stimulating investment. These comments follow an informal EU summit focused on economic revival.
Nazare specifically endorsed the Capital Markets package, designed to create an integrated market for capital, and the Saving and Investments union. He believes a proposed 'two-speed union' format, allowing a core group of countries to advance initiatives, could accelerate progress on key economic files.
Romania also backs the 'E6' initiative, an informal grouping of major European economies, seeing it as a potential catalyst for addressing critical issues and improving Europe's economic landscape.
Furthermore, Nazare supports the French-backed 'Made in Europe' strategy, which proposes minimum European content requirements for locally produced goods. He views this as crucial for advancing the bloc's strategic autonomy and reinforcing the pan-European vision.
Regarding common EU debt, or Eurobonds, Nazare highlighted their alignment with strategic priorities, particularly for investments in areas like AI, green tech, defence, and security. He cited the successful use of joint debt for NextGenEU as precedent.
On Romania's fiscal situation, Nazare noted recent improvements in the country's budget deficit, stating that Romania has regained trust and overperformed on deficit targets. The government implemented austerity measures, including salary cuts in public institutions, to address the high deficit. Romania aims to exit the EU's excessive deficit procedure by 2029 or 2030, a prerequisite for adopting the euro.