Romanian PM sees 2018-2020 realistic target for euro adoption

By bne IntelliNews November 20, 2013

The period of 2018-2020 is a realistic target for joining the European single currency area, Romanian PM Victor Ponta commented for CNBC, adding that Romania remains committed to joining the euro.

Romania is following the cautious way that Poland, a country that is more advanced in terms of structural reforms, took in this regard. The euro area does not need another weak member, Ponta continued – and that is why Romania has to prepare more.

Romania’s previous 2015 target was de facto abandoned as the country has not embarked to the ERM mechanism this year. Last autumn, the central bank admitted that Romania is not meeting the criteria for entering ERM II.

The convergence programme sent by Romania to the EC in April 2013 did not mention any specific calendar for joining the single currency. Informally, PM Ponta said at that time that 2019 is a realistic target. One month later, President Traian Basescu – a stronger advocate of joining the single currency area, argued that 2017 would be a much better target. The sooner, the better, Basescu has said.

Related Articles

World Bank to support Bucharest's largest urban development for decades

The authorities of the 5th district in Romania’s capital Bucharest ... more

Sale of 51% in KazMunayGas International to troubled CEFC postponed to June

The deal under which China’s troubled CEFC will take over 51% in Romanian unit KazMunayGas International (KMGI) from Kazakhstan's KazMunayGas (KMG) has not been cancelled but has been postponed ... more

EC opens in-depth investigation into Romanian energy producer CE Hunedoara

The European Commission announced on March 12 that it has opened an in-depth investigation to assess whether various public support measures from Romania in favour of energy ... more