Romania should adopt as soon as possible the single European currency, because as of 2018 it is possible to have a series of decisions that hinder the countries’ access to the eurozone, presidential adviser Leonard Orban said on Tuesday.
“My message to the Romanian and the European decision-makers is that we may not have time. Most likely decisions will be adopted in 2018 which will make increasingly difficult joining the eurozone, by moving the criteria up. (…) Romania’s dilemma is that it will not be ready at the time of decisions,” Orban said on Wednesday during a conference.
He stressed that Romania has a target set for joining the euro, but there are many opinions according to which this term is not realistic. “From my point of view, the problem should be seen not only economically but also politically. I’m very clear that within the European Union another Union will strengthen, which really will take major decisions that will affect the countries outside it. (…) For Romania, which wants to be part of the Union, there is a strategic political interest to join the Economic and Monetary Union as soon as possible,” said the presidential adviser.
In his view, joining the euro could be a real country project, as it is not depending on economic and political decisions, but it is a complicated process, requiring significant costs. “You have to realize that in a changing Europe, it is essential for Romania to be part of the hard core of the European Union, otherwise we will not benefit from economic and political advantages as part of such core,” Leonard Orban said.
Romania will be able to join the eurozone as soon as possible, provided it is well prepared
Romania will be able to join the eurozone as soon as possible, provided it is well prepared, that it reaches a high degree of real convergence, says the National Bank Governor Mugur Isarescu.
“European Treaties talk about a high level of convergence and about the sustainability in time, as a precondition for the successful adoption of the euro. Note they are not referring to nominal convergence, where Romania is better, if we refer to fulfilling the Maastricht criteria, but it is envisaged the convergence of all kinds, including legal convergence and real convergence. It is also necessary that convergence should be sustainable in time,” a message sent on Wednesday by Mugur Isarescu to the conference ‘Euro adoption in Romania: Challenges and Prospects’ reads.
According to the central bank governor, the whole procedure of exchanging the currency is not a just a highly technical one, but a political process and requires a firm commitment from all representative parties who are called to lead the people and to explain the benefits and costs.
Regarding the moment of joining the eurozone, Mugur Isarescu argues that setting a target in time has proved inadequate and that it would be better to first establish a roadmap containing the necessary structural reforms.
National Bank Governor Mugur Isarescu said on September 30 that the target for Romania’s accession to the eurozone i.e. 2019 is no longer feasible and that the central bank will propose to the Government and the Presidency, before announcing a new date, to establish a roadmap to be agreed by national consensus.