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Romania Unlikely To Adopt Euro In 2015 – Ctrl Bker

Romanian economy won’t have sufficient drive for the country to adopt the euro by its 2015 timeframe, but this shouldn’t scare the central bank into changing the adoption calendar, said Lucian Croitoru, adviser to the central bank governor.
Romania Unlikely To Adopt Euro In 2015 - Ctrl Bker
13 mai 2010, 13:26, English

Romania is only able to make significant changes if it has ambitious objectives to aspire to, Croitoru said Thursday.

He said Romania’s plan to join the euro area in 2015 is not likely to materialize.

Central bank governor Mugur Isarescu said recently that a slight delay in joining the euro area would be less harmful than moving to adopt the euro before being fully prepared.

However, Isarescu insisted the central bank doesn’t give up its plans to adopt the euro in 2014-2015, but added such a measure will not be possible unless the leu’s exchange rate stabilizes.

According to Croitoru, in the absence of the EUR20 billion bailout package from the International Monetary Fund, the EU and other foreign lenders, the leu would have weakened sharply against the euro and the exchange rate would have reached 6 units/euro by now.

Romania’s leu lost around 15% against the European currency to an average of 4.2373/euro in 2009 from 3.6827 a year earlier.