The Romanian government has approved the signing of the treaty on fiscal stability, according to its spokesman Dan Suciu. A reaction to the sovereign debt crisis that has debilitated the region’s economic prospects, the treaty is a toughening of regulations for European Union countries intended to keep public debt down, under the threat of sanctions. It requires that each country maintain its budget deficits level of public debt to just 3 percent of GDP, and its total indebtedness to within 60 percent of GDP. The document is to be signed by President Traian Basescu.
