Home / BUSINESS / BNR’s Isarescu about euro adoption: “It may take many years. It’s not a sprint race, it’s a marathon”

BNR’s Isarescu about euro adoption: “It may take many years. It’s not a sprint race, it’s a marathon”

The National Commission to substantiate the National Euro Changeover Plan will release this December a report on the future decisions and a roadmap, a document about the measures to be taken to reach the target, Mugur Isarescu, National Bank of Romania (BNR) Governor said in speach held at the Profit Financial Forum conference.

According to him, it’s about two complex, bulky documents, of several hundred pages.

„We have made serious efforts to translate the document from Romanian into Romanian, to say things in an acceptable language. (…) If we say 2024 is the optimal timing for joining ERM-2, this means that from then on, that’s the only way forward, and it could take two years or more. (…) This should be understood as solid arguments. (…),” Isarescu said.

He pointed out that this isn’t a race of whoever runs the fastest. „It’s a marathon. It’s a political decision of great responsibility!”

According to the central bank official, Romania has had the fastest convergence process.

Romania needs solid reforms. Otherwise, the country risk an economic downturn. Isarescu gave the example of Slovenia, which is not very “happy” in the eurozone.

 

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