In a broad statement on Fitch's sovereign rating decision on July 31, Romania’s president Nicusor Dan unexpectedly announced that the broad political agreement on key national priorities included the adoption of the euro as national currency. Romania's centrist parties failed to agree on a new government after the Social Democrats' partly failed attempt to overthrow Liberal prime minister Ilie Bolojan left the government with limited power.

“The future government, regardless of its political composition, together with the National Bank [of Romania BNR] will draw up the roadmap for the coming years, including all the necessary actions to switch to the euro," president Dan said, Economica.net reported.

He also reiterated that there exists a broader agreement on the key national priorities. 

"There is a political agreement to maintain the financial trajectory assumed by Romania, regardless of the political composition of the future government. There is a political agreement to draft the 2027 budget, before the end of this year, to secure predictability, regardless of the political composition of the future government.  And there is a political agreement to switch to the euro,” he added.

In February 2026, president Nicușor Dan reaffirmed the objective of joining the eurozone and stated that Romania could meet the criteria for adopting the euro within the next 3-4 years.

In March 2023, the Romanian government reconfirmed the objective of adopting the euro in 2029, while also setting 2026 as the indicative deadline for entering ERM II. The record budget deficit of 9.3% of GDP in 2024 pushed, however, the euro adoption lower on the priority list.

The roadmap the new executive and BNR must draft is going to be rather long, judging from the current state of the country meeting the euro adoption criteria.

According to the Convergence Report for 2026, published in June, Romania only meets the criterion regarding the level of public debt, but misses all other necessary economic conditions. The European Commission found that Romania does not comply with the criteria on price stability, budgetary discipline, exchange rate stability and long-term interest rates. In addition, the legislation on the functioning of the National Bank of Romania needs to be harmonised with European Union rules.

iulian@romania-insider.com

(Photo source: Presidency.ro)