The Euro Adoption Timetable Will Be Kept – Romanian PM To Pres

The Euro adoption timetable was set by the Government with central bank advice and it will be kept, said Romanian Prime Minister Calin Tariceanu answering president Traian Basescu who stated earlier today that the timetable might not be kept.

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Economy and finance minister Varujan Vosganian added that the economic results registered so far “are not the kinds of things that would distance us from our objective."

Romanian president Traian BAsescu said in his address to Parliament that Romania has serious reasons for concern in terms of its euro adoption timetable because of the policy mix applied in 2007 and 2008.

He added current major weaknesses of state institutions raise concerns over Romania’s ability to make strategic plans and act accordingly, to be coherent in setting objectives, plan actions and budget resources.

Basescu said, four months ago, that Romania needs to adopt the Euro by 2014.

At the same date, central bank governor Mugur Isarescu said the Euro adoption by 2014 objective needs to be taken on by the Romanian political class. He explained that special legislation need not be enacted but future Governments need to observe certain policies towards the achievement of this goal.

In his turn, European Commissioner Leonard Orban said that, without great improvement in the efficiency of budget and fiscal policies, the Euro adoption timetable will be hard to keep.

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