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

Romania’s Transgaz reportedly renews bid for Greece’s DESFA

Romanian gas transport company Transgaz has teamed up with Spain’s Regasificadora del Noroeste in an attempt to take over its Greek peer DESFA, where the Greek state has put a 66% stake up for ... more

Former Romanian PM Ciolos to found political party

Romania’s former prime minister Dacian Ciolos, who headed a cabinet of technocrats in 2015-2016, has announced plans to found a political party based on his Romania 100 civic platform. Ciolos plans ... more

EC to sue Bulgaria, Romania for failing to adopt copyright legislation

The European Commission said that will refer Bulgaria and Romania, along with Luxembourg and Spain, to the Court of Justice of the EU as they have failed to notify ... more