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

Moldova’s largest lender maib puts Bucharest exchange listing on hold

The largest bank in Moldova, Moldova Agroind Bank (main), announced it is postponing its plan to list on the Bucharest Stock Exchange (BVB) because certain provisions in Moldovan legislation make the ... more

Romania’s leading financial group Banca Transilvania reportedly takes over BRD Pensii

Banca Transilvania, the leading financial group in Romania by assets, has reportedly reached the stage of agreeing technical and legal details for the takeover of BRD Pensii division from BRD-SocGen, ... more

Romania’s leading lender Banca Transilvania takes over OTP Bank’s subsidiary

Romania’s largest financial group by assets, Banca Transilvania (BVB: TLV), announced that it had signed a contract ... more

Dismiss