Minister of Finances, Gheorghe Pogea held yesterday a budget-setting meeting with the governor of National Bank of Romania (BNR), Mugur Isarescu and other members of the board of the central bank, taking into account a 1.7-2% budget deficit.

“Macroeconomic data indicate a 3.5% economic growth of GDP, at a nominal value of 588.1 billion lei, average inflation rate of 5.3%, average gross salary of 1.702 lei/month, and a deficit of consolidated budget of 1.7-2% of GDP”, reads the press release remitted by the Ministry of Finance.

The talks between the minister of finance and representatives of BNR “focused on drawing joint measures and on finalization of predictions for this year’s macroeconomic indicators”.

The talks on completing the budget plan were held yesterday, following to be forwarded to chief credit accountants.

For the beginning of this year, the Ministry headed by Gheorghe Pogea aims at adjusting the budget deficit and to cut spending as well as ensuring financial resources for investment projects.

Moreover, the Ministry of Finances said it plans on enforcing measures to weather the crisis, designed to ensure macroeconomic stability and to meet the requirements for adopting euro currency.

The government together with the central bank vowed to adopt the single European currency in 2014 and took into consideration the accession of Romania to ERM II in 2012.

In this purpose, Romania will have to meet all requirements set forth in Maastricht treaty, that provides a top budget deficit of 3% of GDP, a variation band of the exchange rate of roughly +/-15% against the average currency exchange rate established at the accession to ERM II, an inflation rate below 1.5% above the average of the best performing inflation rates in the Member States, long-term interests 2% lower than the average of three best performing interests and a government debt lower than 60% of GDP.

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