President :Romania to ratify EU fiscal compact

Romanian President Traian Basescu on Wednesday said the country will ratify the "fiscal compact" which enshrines tougher fiscal disciplines agreed by European Union (EU) leaders last week in Brussels. "No Romanian parliamentary political party will reject the ratification of the European Union's fiscal union agreement in due time," Basescu said after meeting with Romanian parliamentary parties. "The meetings have been extremely useful and they direct us towards consensus," stressed Basescu. EU leaders from 26 of the 27 member states agreed at a high-stakes Brussels summit last week to back a Franco-German drive for tighter budget policing in a bid to save the debt-hit eurozone. One of the fiscal rules EU leaders agreed upon stipulated that the annual structural deficits should not exceed 0.5 percent of each country's economic output, said Basescu. He said the pact would not force Romania to amend its fiscal legislation, as long as the country observes deficit and government debt caps.