Central Bank employees' salary cut could trigger infringement procedure

22 July 2010

The European Commission has warned Romania it would start the infringement procedures against the country of it won't change the legislation which stated the drop in salaries for Romanian Central Bank (BNR) employees. According to the EC, this is against certain provisions in the EU Treaty, according to Mediafax quoting official sources. The provisions state the financial independence of the central banks in EU countries and the interdiction to use central bank resources to finance the state.

The drop in BNR employees' salaries was triggered by the state's decision to cut all state salaries by 25 percent as a way to diminish budget spending as part of the negotiations with the International Monetary Fund (IMF).

Normal

Central Bank employees' salary cut could trigger infringement procedure

22 July 2010

The European Commission has warned Romania it would start the infringement procedures against the country of it won't change the legislation which stated the drop in salaries for Romanian Central Bank (BNR) employees. According to the EC, this is against certain provisions in the EU Treaty, according to Mediafax quoting official sources. The provisions state the financial independence of the central banks in EU countries and the interdiction to use central bank resources to finance the state.

The drop in BNR employees' salaries was triggered by the state's decision to cut all state salaries by 25 percent as a way to diminish budget spending as part of the negotiations with the International Monetary Fund (IMF).

Normal

Romania Insider Free Newsletters