Update: New Euro adoption target to be set by the end of the month, PM

Update: The government will set a new Euro adoption deadline by end-April, after talks with the president and the central bank, Prime Minister Emil Boc said on Tuesday. He added that the government will also adopt the convergence program for 2011-2014 by the end of the month.

Romanian authorities have given up the self-imposed 2015 deadline for the Euro adoption without setting a new deadline. According to the government’s draft convergence program cited by Mediafax newswire, Romania will not be able to join the European Exchange Rate Mechanism (ERM-II) before 2013-2014. The initial target to join the ERM-II was 2012.

According to the same source, Romania must implement further structural reforms in order to increase economic flexibility and its capacity to resist asymmetric shocks. The country’s convergence program is subject to annual revisions and will be sent to the European Union pending government approval.

In a separate document, the government said last week that Romania might join the euro area in 2016 or 2017.

Simona Bazavan

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