Nine O'clock reported that Romania took effective measures to correct its budget deficit, and the European Commission proposed to push back by one year, to 2012, the deadline for bringing the deficit under 3pct of the GDP.

Mr Joaquin Almunia European Economic and Monetary Affairs Commissioner said that "Romania has made a serious effort to limit the deterioration of its budget deficit and to preserve macroeconomic stability during the past year. The worsening of the economic situation since the initial recommendations were made, justifies extending the deadline by one year. But the consolidation effort must continue, under the conditions attached to the financial assistance program, to make sure that the deficit is corrected by 2012."

In July 2009, the EC Okayed a proposition of the Commission to start an excessive deficit procedure against Romania, based on a deficit higher than 3pct of the GDP in 2008, and recommended the deficit to be corrected below 3pct by 2011 at latest. The initial deadline for taking effective measures was January 7th 2010.

(Sourced from www.nineoclock.ro)