April 19, 2017 UPDATE

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Newsroom, 19.04.2017, 20:03

FREE TRADE – The EU has cautioned the Republic of Moldova, an ex-soviet Romanian-speaking country, to comply with the free trade agreement signed with the bloc. The move comes after the republic has been granted the observer status in the Eurasian Economic Union as the new pro-Russia socialist president Igor Dodon is trying to bring the country closer to this economic bloc led by Russia. According to Reuters, half of the republic’s trade exchanges are with the EU and the free trade agreement gives Chisinau access to this market.

INFLATION – According to Eurostat, the EU’s statistical office, the lowest inflation rates were registered in March in Romania (0.4%), as well as in Ireland and the Netherlands (both 0.6%). The EU’s highest annual inflation rates were reported in Latvia (3.3%), Lithuania and Estonia. As compared to February 2017, the annual inflation rate has gone down in 17 countries, has risen in five countries and remained stable in six others. In March the annual inflation rate went down to 1.5% in five Euro zone countries and to 1.6% in the EU from 2% in February. According to estimates, inflation in the euro zone went under the European Central Bank’s target, which wants to maintain price escalation near 2%, a level, which is thought to be beneficial for economic activities.

IMF — The IMF estimates improved economic growth at global level, from 3.5% in 2017 as compared to 3.1% in 2016, while in 2018 the economic growth rate is estimated to reach 3.6%. Economic growth will be registered both in developed countries as well as in the developing and underdeveloped countries and consolidation will occur especially in the manufacturing industry and trade. For Romania, the IMF has revised upwards, from 3.8% to 4.2%, its estimates regarding the evolution of the Romanian economy in 2017, while for 2018 the IMF’s estimates for Romania’s economic growth rate stand at 3- 4%. According to the IMF report, in 2017 Romania will register the second biggest economic growth rate in Europe, being outrun only by Iceland (5.7%).

VISAS — Canada’s embassy in Bucharest on Wednesday announced that the first stage of the visa waiver for the Romanians would come into effect in May. From that moment on owners of a Canadian visa in the past 10 years or of an entry visa for the USA can apply for an electronic travel authorization, ETA, which replaces the visa and can be used for five years. The provision is valid only for all those traveling by plane or who are transiting a Canadian airport. Those traveling to Canada by any other transportation means still need a visa. The remaining restrictions are expected to be lifted in December, when the Canadian government intends to eliminate the visa regime for all the Romanian citizens.

SNAP ELECTION – The British Parliament on Wednesday approved the Prime Minister Theresa May’s call for early election on June 8th. The Prime Minister has motivated her decision by the lack of Parliament support for the government’s plan on negotiations with the EU for leaving the union. We recall that Theresa May took office in July upon David Cameron’s resignation following the country’s decision on June 23rd to leave the European Union.