Romania could join the European Monetary Fund before adopting the euro

Romania will have the possibility to be a member of the European Monetary Fund (EMF), a project that will help EU countries facing balance-of-payments difficulties, following an amendment voted in the European Parliament committees.

The EMF was initially designed only for the eurozone member states, but the European Parliament committees included in the EMF the EU countries outside the eurozone – like Romania.

The idea is backed by the powerful European People’s Party (PPE), the largest group in the European Parliament.

German conservative Manfred Weber, who is running to take over the European Union’s top job this year, said recently that turning the European bailout fund (ESM) into a European Monetary Fund should be a priority.

The supporters of the EMF say the eurozone needed such an institution for its internal stability. This new body would not compete with the International Monetary Fund but would benefit from the IMF’s experience and have comparable powers to the fund.