convergence

Romania meets none of the convergence criteria – price stability, sound public finances, exchange rate stability and convergence in long-term interest rates – required for euro adoption, the European Commission showed Wednesday in its 2020 Convergence Report.

The euro area is not a cozy place for economies with lagging competitiveness or rigid markets and euro adoption involves a permanent commitment, Romanian central bank governor Mugur Isarescu said in a speech at the Conference on Europe Economic Integration. 

Romania’s convergence to the EU average will spread over a long time, probably around 40 years, given that a more normal long-term growth rate for the country is most likely of 3-4% per year, according to a Moody's report published Wednesday.

The European Commission will present to the Ecofin Council, next week, a recommendation regarding the program for Romania’s convergence, said European commissioner for Multilingualism Leonard Orban.