Romania Drops Target to Adopt Euro by 2015

The Romanian government has dropped its target to adopt the Euro by January 1, 2015, according to a new strategic document.

According to Romanian agency Mediafax, the government has dropped a specific deadline to adopt the common currency, but has kept the initial deadline to enter the Euro adoption preparation mechanism, ERM-II.

The new government convergence program for 2011-4 previews Romania to join ERM-II between 2013-4, but fails to mention the start of 2015 as the deadline to adopt the Euro, which was the goal of the previous document

Romania is in no hurry to join ERM-II on the grounds that it must effect additional structural reforms to increase the flexibility of its economy.

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