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Minister of Finance Alexandru Nazare addressed his European counterparts at the ECOFIN meeting, stating that Romania had not met the agreed progress and it was time to return to normality with a realistic budget for 2026. He expressed confidence in securing an additional 21 billion euros from the NextGenerationEU recovery fund. Nazare also announced a new deficit target of 8.4% of GDP, which would provide extra room for investments. He acknowledged that Romania had not reported progress on its Medium-Term Budgetary Framework and assured that measures would be taken to realign with the assumed trajectory. Nazare promised fiscal discipline and reiterated his confidence in securing the additional 21 billion euros. Romania attended the ECOFIN meeting with a clear voice, emphasizing seriousness, budgetary balance, and economic growth.

ECOFIN urges Romania to tighten fiscal policy, reduce deficit to 15% of GDP by 2025, and implement austerity measures by October 15, 2025.

ECOFIN, the Council of Economic and Financial Affairs, has made several decisions and assessments regarding Romania and Bulgaria. For Romania, ECOFIN has not recommended cutting European funds, instead proposing a net spending increase of 2.8% this year and exiting the excessive deficit procedure by 2030. Romania's Minister of Finance, Alexandru Nazare, attended the ECOFIN meeting, highlighting the new government's commitment to fiscal discipline and presenting measures to stabilize state finances and reduce the budget deficit. ECOFIN will decide if Romania's measures are efficient, with potential consequences for cohesion funds, PNRR funds, and the country's rating. For Bulgaria, ECOFIN has set the exchange rate for its entry into the eurozone on January 1, 2026.