ECB criticises revised Romanian tax law

New proposals could harm banks and distort lending, ECB says

Euro sign, Frankfurt

The European Central Bank (ECB) has made serious criticisms of the Romanian government’s efforts to revise a controversial tax on banks.

Romania’s government introduced the original law by an emergency decree during the December Christmas holidays. The law levied what supporters called a “greed tax” on banks, which rose according to the level of Romania’s interbank lending rate.

Bank of Romania governor Mugur Isărescu attacked the original emergency decree as “incomprehensible” and a “bomb”

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