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CONSTITUTION OF ROMANIA - 1991
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Constitution of 1991
Revision of the Constitution
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TITLE IV
ECONOMY AND PUBLIC FINANCE
 
EconomyArticle 134
(1) Romania's economy is a free market economy.
(2) The State must secure:a) a free trade, protection of loyal competition, provision of a favourable framework in order to stimulate and value every factor of production;
b) protection of national interests in economic, financial and currency activity;
c) promotion of national scientific research;
d) exploitation of natural resources, in conformity with national interests;
e) environmental protection and recovery, as well as preservation of the ecological balance;
f) creation of all necessary conditions so as to increase the quality of life.
 
PropertyArticle 135
(1) The State shall protect property.
(2) Property is public or private.
(3) Public property belongs to the State or its territorial-administrative units.
(4) Subsoil riches of any nature, ways of communication, the air space, waters with hydropower availabilities and those which can be used for the public interest, beaches, territorial waters, natural resources of the economic zone and the continental shelf, as well as other assets established by law, shall be exclusively public property.
(5) Public-owned assets shall be inalienable. They may be taken over for administration by self-managed public companies or public institutions, or may be leased or granted in concession, in accordance with the law.
(6) Private property shall be, in accordance with the law, inviolable.
 
Financial systemArticle 136
(1) Formation, administration, use and control of the financial resources of the State, of territorial-administrative units and public institutions shall be regulated by law.
(2) The national currency is the Leu, with its subdivision, the Ban.
 
National Public BudgetArticle 137
(1) The National Public Budget shall comprize the State budget, the State social security budget and the local budgets of communes, towns and counties.
(2) The Government shall annually draft the State budget and the State social security budget, which it shall submit separately to Parliament for approval.
(3) If the Law on the State budget and the Law on the State social security budget fail to be passed by at least three days before expiration of the budgetary year, the previous year's State budget and State social security budget shall continue to be applied until adoption of the new budgets.
(4) Local budgets shall be drafted, approved and executed in accordance with the law.
(5) No budget expenditure shall be approved unless its financing source has been established.
 
Taxes and dutiesArticle 138
(1) Taxes, duties and any other revenue of the State budget and State social security budget shall be established only by law.
(2) Local taxes and duties shall be established by the local or county Councils, within limits and under the terms of the law.
 
Court of AuditArticle 139
(1) The Court of Audit shall exercise control on the formation, administration and use of the financial resources of the State and the public sector. The Court shall also have jurisdictional powers, as provided by law.
(2) The Court of Audit shall annually report to Parliament on the accounts of the National Public Budget administration in the expired budgetary year, including cases of mismanagement.
(3) On request by the Chamber of Deputies or the Senate, the Court of Audit shall check the management of public resources, and report on its findings.
(4) Members of the Court of Audit, appointed by Parliament, shall be independent and irremovable, according to the law. They shall be subject to the incompatibilities the law provides for Judges.

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