Romania Needs Coherent Policies, Reforms To Join Eurozone Around 2015 – Ctrl Bk

Romania needs coherent fiscal and economic policies and continued reforms if it wants to adopt the European common currency sometime near the 2015 horizon, central bank governor Mugur Isarescu said Thursday.

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Speaking at the ECB's euro exhibition in Bucharest, Isarescu said Romania must prepare thoroughly to be able to join the eurozone, while keeping its self-imposed target for euro adoption unchanged.

"The target needs to stay, even if it could be revised along the way, because the appetite for reforms must not be diminished," Isarescu said.

European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo said in turn that Romania's monetary policy must focus on stability and a strict implementation of fiscal consolidation programs.

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

The International Monetary Fund last year 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 also expressed concern over the plans to join the eurozone, saying the adoption target should be reexamined to determine whether was still attainable.

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