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Romania, Bulgaria fully join Schengen border-free zone

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Romania, Bulgaria fully join Schengen border-free zone

2025-01-02 02:50 Last Updated At:08:17

Romania and Bulgaria have become full members of the European Union's border-free Schengen area on Wednesday after lifting land border controls.

The expansion was officially introduced at midnight Wednesday and was marked by celebrations at some of the countries' border checkpoints.

At the Kulata-Promachonas checkpoint area on the Bulgarian side of the border between Bulgaria and Greece, the checkpoint ceased operations at midnight, and drivers crossing the border were no longer subject to border inspection.

A ceremony was also held at the Ruse-Girgiu land border crossing connecting Bulgaria and Romania on Tuesday.

The Romanian Border Police confirmed that 40 border crossing points are now fully operational without checks, streamlining travel and trade across the region.

Travelers moving to or from other Schengen states, excluding Cyprus and Ireland, no longer need to stop for document verification.

However, authorities will conduct random checks within a 30-km border zone using mobile devices and risk-based assessments.

"In the past two years, there have been long queues at this border point. Some vehicles have had to be diverted to North Macedonia. And now, we have high expectations," said border resident Georgi Trenchev.

According to AFP, both Bulgaria and Romania joined the European Union in 2007 and reached the "technical threshold" for joining the Schengen area in 2011.

However, some Schengen member states opposed it as they believed that the two countries had not done enough to prevent illegal immigration, and it was not until the end of March 2024 that Bulgaria and Romania partially joined the Schengen area, which means air and sea border controls between the two countries and other Schengen countries were canceled, but land border controls were still maintained.

Economic analysts believed that the full accession to the Schengen Area will help the GDP of both countries grow by at least one percentage point.

Romanian President Klaus Iohannis said that joining the Schengen Area will significantly reduce customs waiting time, reduce logistics costs and attract more foreign investment.

The Schengen Area is an area encompassing 29 European countries that have officially abolished border controls at their mutual borders.

The Schengen area allows more than 400 million people to travel freely between member countries without going through border controls, according to the official website of the EU Council.

Romania, Bulgaria fully join Schengen border-free zone

Romania, Bulgaria fully join Schengen border-free zone

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China to moderately loosen its 2025 monetary policy: PBOC

2025-01-04 21:59 Last Updated At:22:07

The People's Bank of China (PBOC) announced on Saturday that its monetary policy for 2025 will be "moderately loosened", using a range of tools to ensure sufficient liquidity, stabilize financial growth, and improve funding efficiency to support high-quality economic development.

This policy approach aims to maintain stable and high-quality economic growth by adjusting key monetary tools, including the reserve requirement ratio (RRR) and interest rates, in response to both domestic and global economic conditions.

In addition to ensuring ample liquidity, the PBOC will focus on optimizing the use of existing financial resources to improve capital efficiency.

The central bank will also deploy structural monetary policy tools to refine the financial system, reinforcing coordination with fiscal policies. These measures are designed to enhance financial support for technological innovation and consumer-driven growth.

Furthermore, the PBOC plans to expand financing channels, encouraging companies to raise funds through bonds, equities, and other market-based instruments. The objective is to improve the overall quality and efficiency of financial services, ensuring they meet the evolving needs of the economy.

China to moderately loosen its 2025 monetary policy: PBOC

China to moderately loosen its 2025 monetary policy: PBOC

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