PM Dancila: Romania to switch to euro in 2024

Anca Alexe 31/01/2019 | 08:27

Romanian PM Viorica Dancila said on Wednesday that the government was committed to adopt the euro in 2024.

In November, central bank governor Mugur Isarescu said that Romania could enter the exchange rates mechanism (ERM), a phase that precedes the switch to the European currency, which takes at least two years.

Romania currently meets only one of the four criteria required for the adoption of the euro – the solid public finances – according to a Facebook post by the European Commission.

“Romania does not meet criteria like price stability, exchange rates and long-term interest rates, and legislation is not fully compatible with the European Union Treaty,” the Commission wrote.

In July 2018, Bulgaria submitted a request to enter the ERM, and the country’s Finance minister recently said that Bulgaria’s preparations were going as planned and that it might be ready to adopt the euro as early as January 2022.

 

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