Romania: Romania–Seventh and Eighth Reviews Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria

July 16, 2013

Preview Citation

Format: Chicago

Romania: Romania–Seventh and Eighth Reviews Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria, (USA: International Monetary Fund, 2013) accessed December 25, 2024

Summary

This paper discusses Romania’s Seventh and Eighth Reviews Under the Stand-by Arrangement and Request for Waiver of Nonobservance of Performance Criteria. Continued strong fiscal consolidation would enable Romania to exit the EU Excessive Deficit Procedure by mid-2013; prudent monetary policy kept core inflation low, and close supervision buttressed banking sector stability. Fiscal and international reserves buffers and a well-capitalized banking sector provide a cushion against shocks. Market sentiment toward Romania improved as political uncertainty subsided in the aftermath of the December 2012 parliamentary elections, which the ruling coalition won. Structural reforms, however, advanced slowly, and the recovery has lagged behind that in most other European emerging economies.

Subject: Arrears, Banking, External debt, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt

Keywords: Arrears, Central government arrears, CR, Europe, Fiscal stance, Global, Government, Healthcare reform, Inflation, ISCR, Monetary policy stance, Priority local government project, Sale-purchase agreement

Publication Details

Pages:

101
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/204
Stock No:

1ROUEA2013001
ISBN:

9781475541656
ISSN:

1934-7685

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