Tag: ECB

  • June 7, 2020 UPDATE

    June 7, 2020 UPDATE

    COVID-19 IN
    ROMANIA – Over 20.500 COVID-19 infections have been confirmed in Romania, over 14.600
    people have officially recovered and the latest death toll has climbed to
    1.326. According to the Group for Strategic Communication, some 3.304 Romanians
    living abroad have tested positive for the virus and 114 have died. Most of
    these cases are reported in Italy, while most deaths were reported in the UK,
    over 40, considering the total number of infections in the UK is below 100. In
    another move, Health Minister Nelu Tataru said a potential second wave of the
    pandemic will be less deadly than the first. It is the Romanian Health
    Minister’s belief that life will return to quasi-normal parameters by late July
    – early August, should the population continue observing precautionary
    regulations.




    REPATRIATIONS – The Foreign Ministry says some 365
    Romanian citizens have been repatriated from Great Britain, the Netherlands and
    Jordan, via three special flights operated by the national passenger airliner
    TAROM. Most of them are students, navigation crew, medical staff and people who
    couldn’t extend their stay abroad for various reasons. Previously, 346 Romanian
    nationals were returned to Romania from France, Italy and Belgium on June 5.
    The action was part of a wider series of efforts to repatriate Romanians who
    have been affected abroad by COVID-19 measures and flight restrictions.




    COVID-19 IN THE
    WORLD – Some 7 million people all over the world have been infected with SARS
    CoV2 while over 400 thousand people have died to the virus, Reuters reports.
    Some 3.5 million people have recovered. Brazil, one of the countries gravely
    affected by the virus, decided to eliminate all data regarding the evolution of
    COVID-19 in this country from the official website that has been monitoring the
    outbreak. President Jair Bolsonaro explained the figures do not reflect
    reality. Brazil has the second-largest number of infections, some 667 thousand,
    and has reported over 36 thousand deaths.




    TAROM – The national
    airline company TAROM will reintroduce return flights to London starting
    Monday. In a Facebook post, the company writes that only Romanian nationals
    will be able to board in flights to Bucharest, while flights headed to London
    will receive British citizens only. Also starting Monday travellers arriving in
    the UK will undergo a mandatory 14-day quarantine.






    TOURISM – Employers in
    the hospitality industry are calling on the Government to lift all restrictions
    and reopen restaurants and cafes to interior service. In an open letter, employers
    say the absence of this measure would make them incur 30% losses, tantamount to
    some €6 billion. The second phase of easing lockdown restrictions would boost
    partner sector, such as produce providers, soft drinks distributors, meat and
    milk processors, bakeries and other types of providers, which together account
    for 5% of Romania’s GDP.




    REPO LINE – The European Central Bank and
    the National Bank of Romania have agreed to set up a new repo line to address
    possible euro liquidity needs in the presence of market dysfunctions due to the
    COVID-19 shock. Under the new repo line, the National Bank will be able to borrow up to
    €4.5 billion from the ECB in exchange for high-quality euro-denominated
    collateral.




    PENTECOST – Orthodox and Eastern Catholic Christians around the world, including
    Romania, on Sunday celebrated the Pentecost, marking the descent of the Holy
    Spirit upon the Apostles of Jesus Christ, 50 days after Easter, as well as the
    foundation of the early Christian Church. According to the New Testament, the
    12 apostles received the Holy Spirit, which allowed them to speak languages
    never before spoken. Peter’s sermon led to the baptism of three thousand souls.
    Orthodox believers received sanctified walnut leaves, symbolizing the flames of
    the Holy Spirit resting on the heads of the Apostles. Thousands of tourists
    enjoyed the Pentecost miniholiday in mountain or seacoast resorts or in the
    Danube Delta, which according to travel agencies was 80% booked.






    (Translated by V.
    Palcu)

  • February 13, 2019

    February 13, 2019

    Budget — The draft budget law and the draft national insurance budget law for 2019 started being debated Wednesday in the plenum of Parliament. They received the favorable approval in the Parliament’s expert committees. In a 17-hour meeting, MPs approved the funds allotted to the main authorizing officers and the projects that will benefit from funding in 2019. As compared to the form proposed by the Government, cuts were operated on the budgets for the Finance Ministry, the Romanian Intelligence Service and the Security and Protection Service. The Education and Transport ministries received more money for investments. The budget is based on a 5.5% economic growth rate, a budget deficit of 2.5% and a GDP of more than 200 billion Euros.



    ECB — The European Central Bank officials reminded the Romanian authorities, in a letter sent to finance minister Eugen Teodorovici, that they should have consulted with the European institution before adopting the emergency ordinance that provides for the introduction of a tax on bank assets. According to European legislation, the national authorities are bound to consult with the ECB officials in relation to any draft law that is in the institution’s domain of competence, among which laws applicable to financial institutions, to the extent to which they significantly influence the stability of financial institutions and markets. The European institution claims the emergency ordinance was not accompanied by an assessment of its impact on the banking sector, and in the absence of such a document, there is the risk for the tax to impact the stability of the banking system. Recently other international financial institutions have also sent letters to the Romanian government in relation to the aforementioned tax, in which they expressed their concern with the new plans targeting the banking system.



    Protests — Hundreds of taxi drivers are protesting today in front of the government headquarters in Bucharest against the alternative services offered by means of online platforms which they consider unfair competition. They are calling on the government to come up with clear and strict legislation in the field that should oblige car-sharing service providers to observe the regulations on passenger transportation. Similar protests are taking place in other cities of Romania. The Confederation of Authorized Operators and Transporters in Romania threaten to stage a large-scale protest rally on February 27 and 28, if the taxi drivers’ claims are not met. The Confederation threatens to block the city of Bucharest with buses, minibuses and taxis brought from the entire country.



    World Radio Day — ‘Dialogue, tolerance and peace’ is the theme of this year’s World Radio Day which is marked on February 13. The event is meant to promote international cooperation among broadcasters and to encourage access to information by means of radio stations. World Radio Day was set up in 2011 at the 36th UNESCO conference. On February 13, 1946 the first broadcast of the UNESCO radio station was aired. For Radio Romania, World Radio Day 2019 is celebrated in the context in which the institution is one of the official broadcasters of the Romanian presidency of the Council of the EU.



    Tennis — The Romanian tennis player Simona Halep, top seeded and world’s no. 3 player, is taking on today the Ukrainian Lesia Ţurenko (24 WTA) in the eighth finals of the WTA tournament in Doha, Qatar. The tournament has prizes up for grabs worth around 900 thousand dollars. Simona Halep has won all the previous 5 matches against Ţurenko, her latest win being in 2018 in the quarterfinals of the Cincinnati tournament. Mihaela Buzarnescu was eliminated on Tuesday in Doha by Latvian Jelena Ostapenko. (translation by L. Simion)