Romania May Delay Euro Adoption If Fiscal Consolidation Unsuccessful – Ctrl Bk

„We haven’t changed our 2015 target and we still stand by it, even if it needs examination, but the realistic chances to enter the eurozone depend on Romania’s ability to undergo fiscal consolidation,” Isarescu told a news conference.

„We need a few more months to see how the fiscal adjustment costs are accepted and whether we keep the 2015 deadline or not,” he added.

Isarescu didn’t say how much further in time the deadline would be pushed, but mentioned 2018 would be a too long period.

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

In 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.

Moreover, Isarescu said recently the bank should reexamine its target for euro adoption to see whether the deadline was still feasible.