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EC could initiate infringement procedure if wages in BNR are cutUpdated: 22-07-2010 | Financial and Banking

The European Commission (EC) warned Romania that it may initiate the infringement procedure unless the law which stipulates the reduction of wages of National Bank of Romania (BNR) employees is modified, Mediafax informs.

"The EC sent the ambassador Mihnea Motoc, the head of the Romanian Mission at the EU, a note warning that, unless the BNR wage cuts' law is modified, it may start the infringement procedure, as this is a violation of the EU Treaty on the financial independence of central banks and of the article banning the use of BNR resources to fund the state budget," official sources stated.

Moreover, the EU executive argued that the reduction of the central bank employees' wages by 25 per cent is in contradiction with the agreement memorandum which the Romanian authorities have recently committed to in the financial aid programme signed with several international institutions.

"The Commission underlined that this was the second time that the Treaty's provisions were likely to be violated, after the Government's emergency ordinance on opposing tax evasion," the sources argued. Article 123 in the EU Treaty forbids the Central European Bank and the central banks of member states to grant loans to institutions, bodies, offices or agencies of the Union, central public authorities, and the other public bodies or enterprises in the member states. The interdiction is also enshrined in the BNR status law, article 7, approved by law by the Parliament.

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