The NBR has received for approval a draft bill which provides a plan to increase the budget revenues by lowering the country"s foreign currency reserves, an initiative which the Central Bank rejects because it goes against the charter of the NBR, the EU Treaty and the Romanian Constitution, said Adrian Vasilescu, advisor to the counselor of the NBR, as quoted by Mediafax.
The proposal, which was submitted to the Permanent Office of the Senate on June 14th, was initiated by Liberal Senator Ioan Ghişe and is intended to amend and revise the law of the state budget for 2010.
The legislative proposal provides that the state budget revenues could be increased by a proportionate reduction of Romania"s forex reserves.
The draft also specifies that the Government and the NBR will enact the provisions of the law, and preventing the enforcement of the law will represent an offense.
The NBR sent its point of view on the law, signed by governor Mugur Isărescu.
"First of all, the NBR noticed that the draft bill does not specify whether the participation of the NBR in increasing the budget revenues would be done by having it lend out money or by financing the state budget. It is certain that both suggestions infringe on the law concerning the statute of the NBR. This law clearly stipulates that the NBR is prohibited from lending money to the state in any manner", said Vasilescu.
"Furthermore, article 130 of the Treaty, prohibits central banks from taking instructions from EU bodies, from governments of EU member states or from any other body. Even the Romanian Constitution, states in article 148, paragraph 2 that the provisions of the constitutive treaties of the EU and the other mandatory Community regulations take precedence over contrary dispositions of the domestic laws. As a result, the draft bill in question infringes on the law of the sta
