Romania Postpones Adopting the Euro until 2029

Romania will postpone the change to the euro until 2029, said Florin Georgescu, First Deputy Governor of the National Bank of Romania. The assessment takes into account the current state of the main macro indicators in the country, which require significant adjustments and time for their implementation.

Romania initially set a goal of adopting the euro in 2014, but the deadline has been revised several times, media reported. Entry into the eurozone was postponed to 2019, then to 2024, and now there will obviously be another postponement of 5 years.

Romania had opportunities between 2015 and 2017, when it could apply to join the eurozone's ERM II preparatory mechanism. At that time, the country met all the criteria for nominal convergence set out in the Maastricht Treaty (for price stability, public finances and debt sustainability, exchange rate stability and long-term interest rates).

At present, Romania does not meet all the criteria.

Croatia, which joined the EU in 2013, is expected to join the eurozone in early 2023, and Bulgaria in 2024, although the country has not made much progress, according to Romanian media.

Former Prime Minister of Romania Florin Katsu also spoke about postponing the target date for the adoption of the euro from 2024 for the period 2027-2028.

In its latest convergence report, published in June, the European Central Bank said Romania needed stability-oriented economic policies and comprehensive structural reforms to meet the criteria for joining the eurozone.

/BNT

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