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Moody’s: I don’t believe that Romania will adopt euro in the next ten years

The chance that Romania adopts euro within the established calendar is very little, due to the fiscal problems and the fact that the political will is weak, Kenneth Orchard, Moody's analyst, quoted by NewsIn says. He considers that Romania will not adopt the euro in the ten next years.

« The chances that Romania gets into the euro zone in 2014 are quite small. I don't believe Romania will adopt euro in the next ten years, as the structural fiscal problems they have will continue, and the European Commission and the European Central Bank are quite strict in this regard", Orchard said. On the other hand, he considers that in Romania the " political will" is not visible in correcting the economic imbalances in order to adopt the euro.

"Theoretically speaking it is possible for Romania to adjust the budgetary deficit to the limits imposed by the EU but I don't see that kind of will. Neither the political class nor the population seem to want that. In some countries, the euro adoption has a political importance. For example in Estonia where the government made reforms to adopt the euro. In Romania there is no debate about this", the Moody's analyst said.

The financial evaluation agency estimates a budgetary deficit of 8.5% of GDP in Romania in 2009. The Romanian authorities agreed through the IMF agreement and the EU to keep to a budgetary deficit target of 7.3% of GDP, so that in 2010 the target be 5.9% of GDP. According to the Maastricht Treaty, one of the criterion to adopt the euro is the limitation of the budgetary deficit at 3% of GDP.

 

Sursa: http://www.actmedia.eu

Tags: euro romania years adopt

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