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

Romanian media tycoon Voiculescu to be released on parole

A Romanian court ruled on July 18 that media tycoon and former politician Dan Voiculescu, who was sentenced to 10 years in prison in August 2014, should be released on parole after serving ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Romanian PM's adviser sacked after proposing tax on churches

Romanian prime ministerial adviser Eugen Teodorovici was reportedly dismissed from the post on July 14, the day after he spoke about the possibility of taxing the local Orthodox Church. Teodorovici ... more