Law No. 45/2026, amending and supplementing the Fiscal Responsibility Law No. 69/2010, was published in the Official Gazette No. 248 on 30 March 2026. This legislation introduces new regulations aimed at strengthening fiscal-budgetary discipline and transparency in the management of public finances, in alignment with European Union requirements.
Key Provisions
The new enactment introduces substantial amendments to the fiscal-budgetary responsibility framework, with a significant emphasis on alignment with European standards. It establishes more stringent conditions for compliance with fiscal rules, including clear limits for the annual structural balance of the general government and mandatory measures should public debt exceed the threshold of 60% of GDP. Furthermore, the annual growth of general government expenditure must comply with European Union recommendations and regulations, targeting a more prudent and predictable management of state resources.
The Law extends transparency and reporting requirements. The Ministry of Finance and the National Institute of Statistics shall publish budgetary and public debt data with increased frequency (monthly or quarterly), detailed by sub-sectors of the general government. Additionally, a more in-depth analysis of fiscal risks is now mandatory, encompassing commitments not included in forecasts, losses and outstanding payments of state-owned enterprises, as well as contingent liabilities arising from natural disasters and climate change. Significant discrepancies between national forecasts and those of the European Commission must be publicly justified.
A central element of these amendments is the consolidation of the role and independence of the Fiscal Council. It is transformed into an authority with expanded powers in assessing fiscal-budgetary policies, macroeconomic forecasts, and the consistency of the national budgetary framework. The Fiscal Council’s opinions and recommendations will be published and, in the event of conflicting views, public authorities are required to provide public explanations. This strengthening of independent oversight contributes to the quality of economic decision-making and ensures increased accountability for policy-makers.
Scope and Impact
The present Law applies directly to central and local public institutions, the Ministry of Finance, the National Institute of Statistics, and the Fiscal Council, setting out new obligations and responsibilities regarding the management and reporting of public finances. Indirectly, the impact will be felt by all companies and investors operating in Romania through its influence on the overall macroeconomic environment. Enhanced fiscal stability, budgetary predictability, and transparency in the state’s economic decisions create a more secure business environment conducive to investment. Moreover, state-owned enterprises will be subject to more rigorous monitoring of financial performance, as their losses and outstanding payments are now integrated into fiscal risk analyses.
Published in the Official Gazette, Part I, No. 248 of 30 March 2026.
Note: This material is intended strictly for informational purposes and does not constitute legal, tax, or business advice. As the interpretation and application of legal provisions may vary significantly depending on the specific circumstances of each entity, we recommend seeking professional legal assistance before making any operational decisions based on these amendments.