US Ambassador: Romania mustn't backtrack on corruption fight

MarketsAssociated Press

The U.S. ambassador to Romania has warned the country not to backtrack on progress made in the fight against corruption if it wants to remain attractive to investors.

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Hans G. Klemm said Thursday that the European Union member ought not to "make backward steps on the impressive progress made" in anti-graft efforts in the past decade.

"Transparency, stability and predictability are key principles for an attractive investor climate," Klemm told a meeting of foreign investors attended by government and central bank officials.

Klemm said it is important for investors to have confidence that they are working with a judicial system that "respects contracts and the rule of law."

The European Union and Western embassies recently voiced concern about Romanian government plans to change the country's justice system that critics say will dampen the anti-corruption fight.