Eastern European countries are pushing back their target dates for joining the euro zone, writes the Financial Times in a recent article. “Ask Traian Basescu, Romania’s president, when the country plans to join the euro, and his answer is adamant. The target date is still 2015. Scratch the surface, though, and the target seems to function mainly as a useful fiscal straitjacket in case Romania’s coalition government, facing elections next year, is tempted to throw money around,” the article begins.

Poland and Hungary too have delayed their target dates. Poland had a previous target for 2012, but the new expectation is for 2019, the earliest. Hungary too doesn't expect to join the euro zone before 2020. Even euro-enthusiasts Lithuania and Latvia have a more cautious approach.

Of the 12 states that joined the EU since 2004, three - Slovakia, Slovenia and Estonia- have already adopted the euro. The rest are obliged to join but only when they meet the criteria.

Read the full FT article here.

editor@romania-insider.com

(photo source: Sxc.hu)