The Minister of Finance announces when Romania will accept the Euro. So far, all targets for joining the eurozone have been missed

Finance Minister Adrian Casey said on Thursday that on digi24, the potential target for joining the euro by 2029 is, but the most important thing, real integration, which very few speak of. “I do not want to hide behind the crisis of Romania’s strategic objectives,” Câciu said.

“I do not want to hide behind the crisis of Romania’s strategic objectives. We have reached a point where the current account deficit is far greater than the state’s deficit. I also hope that there will be a serious debate here on setting cross-party targets.In my view, 2029 is a viable target (to join the euro, not). We are in a happy zone compared to European countries. The real integration is what really gives you the incoming purchasing power and competitiveness. You no longer have a co-intervention tool in this reserve, it will be your own value. Our value to enter must rise. This is a matter of logic. Any real integration strategy has to do with what the competition represents in 5, 6, 10 years, “Câciu explained.

In mid-December 2021, Florin Georges, the first deputy governor of the National Bank of Romania (PNR), said at the launch of his book “Capitalism and Capitalism Without Capital in Romania” that all goals of joining the euro had been missed. Next installment 2029.

According to the 2020 Consolidation Report released by the European Commission (EC), access to the Eurozone is an open process based on certain rules. This report is based on the consolidation criteria referred to in Article 140 (1) of the Convention on the Performance of the European Union (TFEU), sometimes referred to as the “Maastricht Criteria”. These consolidation criteria include price stability, good public finance, exchange rate stability and long-term consolidation of interest rates. The compatibility of national law with the rules of the Economic and Monetary Union is also explored.

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The report concludes that Sweden and Croatia meet the criteria for price stability, while Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Sweden meet the general financial criteria, while Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Sweden meet the long-term. Term interest rate.

None of the member states has met the criteria for exchange rate stability because they are not members of the Exchange Rate Mechanism (ERM II): it takes at least two years to participate in the mechanism, without serious tensions, before joining the eurozone. Thus, Croatia and Sweden meet all the criteria for economic integration, but for the above reason they do not meet the exchange rate criteria.

In the case of Romania, the document reveals that our country does not meet any of the four economic criteria required for the adoption of the euro, namely: price stability, good public finance, exchange rate stability and integration of long-term interest rates.

Consolidation reports should be drawn up every two years, regardless of possible access to the Eurozone.

Author: Liviu Kojan

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