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.
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