Thought Articles

As Romania’s long awaited accession to the European Union on 1 January 2007 approached, 2006 was a notably positive year, with strong economic growth estimated at approximately 7.5 per cent of GDP. Throughout 2006, Romania’s economy maintained and consolidated the economic performance of previous years, with inflation continuing to decrease to a record post-Communist low of 4.87 per cent, less than the official target forecast of 5 per cent. Essentially, last year ended a distinctly positive pre-accession period, and created the foundation for further and better results during the years to come.

Throughout its 10 year record, the Romanian Competition Council applied fines amounting in aggregate to €80 million for the infringements of the domestic antitrust rules. However, the largest part of this amount has been applied during the last few years. This is because, mainly starting 2004, the Competition Council accelerated its inquiries and the related decision-making process and also raised the fines level imposed on the players found ‘guilty’ of anticompetitive practices.

This article appeared in the 5th edition of The International Comparative Legal Guide to: Product Liability 2007; published by Global Legal Group Ltd, London. What systems of product liability are available (i.e. liability in respect of damage to persons or property resulting from the supply of products found to be defective or faulty)? Is liability fault based, or strict, or both? Does contractual liability play any role? Can liability be imposed for breach of statutory obligations e.g. consumer fraud statutes?

The 2007 edition of the Eurisko's report on the Romanian real estate market provides 240 pages of in-depth analyses, comparative studies, forecasts and other relevant information about the market in Bucharest and 14 important Romanian cities. Dan Borbely, Partner and Head of the Real Estate practice at Țuca Zbârcea & Asociații makes an overview of the legal developments within the real estate sector in Romania.

During the past few years, prior to Romania’s accession to the European Union this year, employment law in Romania has experienced substantial changes. Many relevant European laws were implemented in the country, including Council Directive 2001/23/EC on the approximation of the laws of the member states relating to the safeguarding of employees’ rights in the event of transfers of undertakings, businesses or parts thereof.

The Romanian M&A market has been characterised in recent years by a constant growth, in line with the growth of the economy. In absolute figures, the market increased ten-fold from Euro 0.5 billion in 2003 to over Euro 5 billion in 2005 and 2006, respectively.