Romania needs more profound reforms on the social allowances and occupation segments of the public sector and these could take one or two years, which is why joining the euro zone could be delayed from the planned 2015, according to the governor of the Romanian Central Bank (BNR), Mugur Isarescu (in picture).

Romania's plans were to join the Exchange Rate Mechanism (ERM II) in 2012 and the euro zone in 2015, before the economic crisis had hit. The country has managed to make progress in reducing inflation and in limiting the exchange rate volatility while reducing interest on the long term, according to Isarescu.

editor@romania-insider.com