Brussels, 20/07/2000 (Agence Europe) - The Commission has made a positive assessment of the medium term economic strategy (MTES) that the Romanian Government adopted in March (in its November 1999 progress report, the Commission had made this a precondition to beginning accession negotiations with the country), as well as the Romanian Government's action plan to implement the strategy. The action plan, that Romania presented on 30 May, sets out concrete measures that the country pledges to implement over the next four years to achieve the objectives defined in the strategy. It also provides for essential measures for Romania's membership of the EU, as well as reflecting the commitments made by Romania in the framework of the Stand-by Agreement with the IMF and the World Bank's structural adjustment loans.
"Rapid implementation of the action plan will improve the country's economic situation in general, strengthen its international credibility and attract foreign investors. In addition, the action plan comprises measures that will contribute to preparing Romania for EU accession", Commission sources stress. According to the latter, the macroeconomic framework that accompanies it will enable Romania to strengthen legal certainty, international credibility and improve the overall economic situation of the country, which will strengthen the confidence of the financial markets and investors both Romanian and foreign. "These changes will increase the wellbeing of the population, while supporting Romania efforts to join the European Union", the same Commission sources say.
The Commission is aware that implementing these reforms will be a difficult task and will entail short-term costs. "However, failure to go ahead with the reform agenda would have unfavourable consequences on the pre-accession process and the capacity of Romania to fulfil the commitments made in the accession negotiations", Commission sources stress.
The Commission announced that it intended to closely monitor implementation of the plan over the coming years. To that end, it in considering setting up two independent monitoring groups (one in Romania and the other at international level) that will work in close cooperation with international financial institutions.