Romania May Need the Rest of the Decade to Reduce Budget Deficit.

Romania may need until the end of the decade to reduce its budget deficit to the target set by the European Union (EU) due to public resistance to fiscal restraint in an election year. The Finance Minister stated that the annual budget cuts required by the EU's new fiscal rules present a significant challenge. The government approved pension increases and higher wages for teachers, which may add to spending pressures. The country's low tax revenue and failure to keep the deficit in check last year have also hindered progress. The budget deficit has implications for Romania's goal of joining the EU's single currency in the future. [Extracted from the article]

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