Romania Ctrl Bk Chief Says Euro Adoption Target Needs Reexamination

Romania's central bank must reexamine its self-imposed target for euro adoption as of January 2015 to see if the deadline is still feasible, central bank governor Mugur Isarescu said Friday.

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Speaking in a news conference, Isarescu said the central bank doesn't give up its goal just yet, because it can be a valuable catalyst for policy coherence.

"However, once the (macroeconomic) evolution steers to a visibly different direction and the target is no longer believable, then of course we have to reexamine it," Isarescu told reporters.

Romania wants to adopt the euro in January 2015, but its plans might be put off because of weak economic performance.

Late March, the International Monetary Fund said Romania could adopt the European currency later than planned, adding that the country needs to consolidate its monetary and fiscal policies to stay on track.

The central bank Friday revised upward its inflation forecast for 2011 to 3.1% from 2.8% previously, after it already revised this year's prognosis to around 8% at year-end.

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