Raiffeisen Romania President Steven Van Groningen hailed the Fiscal Governance Agreement made by European leaders as good news for Romania. Speaking on television show 'After 20 years' on ProTV Van Groningen said “If the budget deficit is imposed from the outside, it is a good thing for Romania, because it is a rule that must be respected.” The bank chief also suggested that Romania's ability to produce goods cheaply and efficiently provides a great opportunity in current economic conditions. “We must see what happens around us and learn the necessary lessons. Romanians should not be pessimistic,” believes Van Groningen.

The Fiscal Governance Agreement was signed on Friday ( December 9 ) despite British Prime Minister David Cameron's veto on changes to the EU Treaty. At last week's EU summit all seventeen eurozone countries plus Denmark, Poland, Latvia, Lithuania, Bulgaria and Romania signed the new agreement, which paves the way for closer fiscal union and tighter economic control. Sweden, the Czech Republic and Hungary's representatives said they would not sign until consulting their parliaments but have since given indications that they may go ahead and join the treaty.

Alex Camburu, alex.camburu@romania-insider.com