Romania 1991 Constitution (reviewed 2003)

TITLE IV. ECONOMY AND PUBLIC FINANCE

Article 135. The Economy

1. The economy of Romania is a free market economy, based on free enterprise and competition.
2. The state is expected to ensure:
   1. free trade, protection of loyal competition, the creation of a favorable framework for the use of all production factors;
   2. the protection of national interests in economic, financial, and currency transactions;
   3. the stimulation of national scientific and technological research, arts and protection of copyright;
   4. the exploitation of natural resources in accordance with the national interest;
   5. the restoration and protection of the environment, as well as the preservation of ecological balance;
   6. the creation of the necessary conditions for improving the quality of life;
   7. implementation of regional development policies in compliance with the objectives of the European Union.

Article 136. Property

1. Property may be public or private.
2. Public property is guaranteed and protected by the law and belongs to the State or the territorial-administrative units.
3. The mineral resources which are of public interest, the airspace, water resources that can be used for power production in the public interest, beaches, the territorial sea, the natural resources of the economic zone and the continental shelf as well as other assets defined by law constitute exclusive public property.
4. Public property is non-transferable. Under the terms of the organic law, public property can be managed by autonomous entities or public institutions, or can be licensed or leased; it can also be transferred to public utility institutions for free use.
5. Private property is inviolable in accordance with the organic law.

Article 137. Financial System

1. The generation, management, use and control of the financial resources of the state, of territorial-administrative units, and of public institutions will be regulated by law.
2. The national currency is the Leu, with its subdivision, the Ban. In case of Romania’s accession to the European Union, the replacement of the nationally currency by the EU currency and its circulation may be regulated by organic law.

Article 138. Public Budget

1. The national public budget incorporates the state budget, the state social security budget, and the local budgets of the communes, cities, and counties.
2. Each year the Government prepares the draft state budget and the draft state social security budget which it submits separately to Parliament for approval.
3. If the law on the state budget and the law on the state social security budget are not approved at least three days before the end of the budget year, the state budget and the state social security budget for the previous year will continue to be in effect until new budgets are approved.
4. The local budgets are prepared, approved, and executed in accordance with the law.
5. No budgetary expenditure can be approved unless the source of financing has been established.

Article 139. Taxes, Duties, and other Contributions

1. Taxes, assessments, and any other revenues for the state budget and the state social security budget are established exclusively by law.
2. Local taxes and duties are established by the local or county councils, within the limits and under the terms of the law.
3. Contributions made for the establishment of funds shall only be used for their original purpose as established by the law.

Article 140. The Court of Auditors

1. The Court of Auditors monitors the generation, administration, and use of the financial resources of the State and the public sector. The disputes resulting from the activity of the Court shall be settled by specialized courts of law under the terms established by the organic law.
2. The Court of Auditors presents an annual report to Parliament on the management accounts of the national public budget in the past budget year, including any irregularities found.
3. At the request of the Chamber of Deputies or the Senate, the Court monitors the management of public resources and reports its findings.
4. The members of the Court of Auditors (auditors) are appointed by Parliament for a term of 9 years which cannot be extended or renewed. They are independent in the exercise of their functions and cannot be removed during their term of office. With regard to incompatibilities they are subject to the same regulations as judges.
5. One-third of the auditors are renewed by Parliament every 3 years, under the terms established by the organic law of the Court.
6. Parliament is entitled to revoke the auditors in the conditions and under the terms established by the law.

Article 141. The Economic and Social Council

The Economic and Social Council serves as an advisory body to the Government and Parliament in the fields enumerated in the organic law governing its establishment, organization and functioning.