Main features for Romania

Lisbon Strategy/ The Broad Economic Policy Guidelines (BEPGs) Romania submits annually a National Reform Programme
Fiscal surveillance: Is carried out under the Stability and Growth Pact provisions.
First fiscal notification as a Member State: 1 March 2007.
Convergence Programme: Includes, among others: surveillance of budgetary position, notification of budgetary statistics - including how Excessive Deficit Procedure is applied; macroeconomic dialogue; assessment of economic and convergence criteria. The Convergence Programme is elaborated by EU Member States that have not adopted the single currency and is part of the Stability and Growth Pact which is elaborated for the purpose of the multilateral surveillance under article 99 of the EC Treaty. The time horizon should cover the current and preceding year and at least the following three years. The Council examines the convergence programme at the beginning of each year on the basis of the Commission's assessment. On a recommendation from the Commission, and after consulting the Economic and Financial Committee, the Council delivers an opinion on each Member State's programme.
Exchange Rate Mechanism II (ERM II) and the Euro: other Member States legislation and experience ECB Convergence Reports, EC Covergence Reports. For details about Euro see ECB's website or European Commission's website.
Macro-economic forecasts: full integration into the Member States forecasting exercise beginning autumn 2006.

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Banca Naţională a României