The Ministry of Finance has obtained the third and final formal opinion in the process of Romania's accession to the Organisation for Economic Co-operation and Development (OECD), Finance Minister Alexandru Nazare announced on Tuesday at a specialised event.
"I believe the most important thing we should properly mark these days is the fact that we have obtained the 23rd formal opinion. The Ministry of Finance had three formal opinions to obtain in the OECD accession process. We have now secured this third and final one. So we are effectively closing, through sustained efforts over the past eight months, the entire OECD accession preparation process by obtaining this formal opinion on the Economic Survey, which was, in theory, the opinion that should close the accession process. It is the most difficult, the most important and the final opinion before the last stage of accession," Alexandru Nazare said at the strategic dialogue event "From Stabilisation to Growth: Balancing Macro-Fiscal Discipline with Productive Relaunch".
Romania still needs to obtain two more formal opinions in its OECD accession process, but these are not directly related to the country and are expected by June, Finance Minister Alexandru Nazare further said.
"In our case, there are still two more opinions to obtain, but these do not directly concern Romania, they are collateral matters, which we hope to secure by the deadline announced yesterday by Secretary-General Mathias Cormann, namely by June. I believe this is an important moment and it sends a strong signal. OECD accession will mean additional investment for Romania, because many investment funds require OECD membership as part of their mandates. It will help us greatly. These investors will look at Romania in a very different way compared to before," he said.
The finance minister added that OECD membership will help stabilise financing costs and will also have an impact on the risk premium and the cost of public debt.
"We wanted to mark this moment and to have a discussion on the recommendations in the Economic Survey. I repeat, these are recommendations - options made available to Romania by OECD experts. It is strictly Romania's decision which of these recommendations, including those of the Commission, it will choose in order to achieve its fiscal-budgetary strategy targets. By the end of 2026, the announced deficit target of 6.2% will bring us back onto the fiscal trajectory previously assumed, and we will return to normality, moving out of the slippage we entered in 2024," Alexandru Nazare added.
An invitation for Romania to join the OECD could be issued this summer, OECD Secretary-General Mathias Cormann said on Monday, after leading a delegation of the organisation received by President Nicusor Dan at the Cotroceni Presidential Palace.
In its Economic Survey on Romania, the OECD warns that the country's public finances have deteriorated significantly, posing risks to long-term sustainability. To address this, the organisation recommends improving the efficiency of public spending, broadening the tax base and strengthening tax compliance.
The report also notes that the recent pension reform - particularly the increase in the retirement age for women, the limitation of special pensions and the introduction of new indexation rules - is a positive step towards improving the sustainability of the pension system and encouraging labour force participation. At the same time, Romania faces increasing pressure to boost spending on healthcare, education, social assistance and innovation in order to support inclusive growth. Public sector wages also account for a growing share of government expenditure, requiring tighter control.
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