EC: Romania Fulfills None of the Criteria for Euro Adoption

Romania meets none of the convergence criteria – price stability, sound public finances, exchange rate stability and convergence in long-term interest rates – required for euro adoption, the European Commission showed Wednesday in its 2020 Convergence Report.

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The report examines the progress non-euro area member states have made towards adopting the euro. It covers the seven non-euro area member states that are legally committed to adopting the euro: Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.

The EC said national legislation in each of the member states, with the exception of Croatia, is not fully compatible with the rules of the Economic and Monetary Union.

The report concludes that Croatia and Sweden fulfill the price stability criterion; Bulgaria, Czech Republic, Croatia, Hungary, Poland and Sweden fulfill the criterion on public finances; but none of the member states fulfills the exchange rate criterion, as none of them is a member of the Exchange Rate Mechanism (ERM II). At least two years of participation in the mechanism without severe tensions is required before joining the euro area.

Romania's latest euro-adoption target was set for 2024-2026 back in December 2018.

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