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Cash will become obsolete and this will be the result of digital finance advancement»
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Romania may be the biggest EU fund loser in 2021-2027, says Erste

Romania will be the Central and Easter European (CEE) country most severely hit by the EU funds cut in the 2021-2027 financial exercise, according to estimates by Austrian group Erste.

2018-05-14 11:38:45

The group's analysts expect Romania to lose EU funds representing about 1.2 per cent of its gross domestic product (GDP) in the new EU budget as the European Commission plans to reduce the funds for agriculture and regional development and cohesion, according to Romania-Insider.

The new budget may include a 5 per cent cut in the funds for agriculture and 7 per cent cut in the funds for regional development and cohesion, according to the European commissioner for budget Gunther Oettinger. This will result in 14-34 per cent lower EU fund flows to CEE countries, according to Erste.

The funds allotted to Romania are expected to drop from 3.4 per cent of the country's 2011 GDP, in the current financial exercise, to 2.2 per cent of the country's 2017 GDP, in the next one.

CEE countries are the biggest beneficiaries of EU funds in the current financial exercise, with about 40 per cent of the allotted sums. Poland is the main beneficiary in the region, with 18.7 per cent of the total, followed by Romania, with 6.7 per cent.

The European Commission also plans to tie the EU fund allotment to respecting rule of law principles a measure aimed at penalizing CEE countries that may adopt undemocratic reforms.



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