Romania to set 2029 as deadline for adopting euro

The next report on Romania's euro adoption will set 2029 as the target date, said first deputy governor of the National Bank of Romania (BNR) Florin Georgescu in a speech given on the occasion of the launch of a book, Ziarul Financiar reported.

The estimate takes into account the current situation of the main macro indicators in the country vis-a-vis the Maastricht criteria on nominal convergence, which require substantial corrections and time to achieve them.

The euro adoption calendar is revised typically on an annual basis and is included in the Convergence Report submitted by the Government to the European Commission.

Initially, Romania set 2014 as the target for euro adoption, but the deadline was repeatedly revised to 2019, 2024 and now 2029.

"The lack of political will of the decision-makers in the governments that ruled after Romania joined the EU in 2007, is demonstrated by the fact that Romania has changed so far, based on reports prepared by state institutions and experts, the target year for the adoption of the euro," explained Georgescu.

Romania had a window of opportunity between 2015 and 2017 when it could have applied for the entry into the eurozone's preparatory mechanism ERM II (exchange rate mechanism) given that, at that time, it was meeting all the nominal convergence criteria set by the Maastricht Treaty (on price stability, the sustainability of public finances and the indebtedness, the stability of the exchange rate and the level of long-term interest rates). At this moment, Romania no longer meets all these criteria.

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