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EBRD: Romania's switching to euro in 2015, a far too optimistic target

The 2015 deadline set for Romania's adopting the euro is far too optimistic, European Bank for Reconstruction and Development (EBRD) chief economist Peter Sanfey on Thursday told a specialist conference.

'Personally, I think that 2015 as target for switching to the euro is a bit too optimistic for Romania. This is not an easy undertaking and problems cannot be solved overnight. If you want to improve your macroeconomic level, you must have an adequate legislation in place,' cautioned the EBRD official.

Sanfey also mentioned that the biggest problem currently challenging Romania is related to the management of taxes and dues.

'We (Europe - Ed note) will not return too soon to the pre-crisis growth model, but countries need to focus on the barriers to institutional growth. Although Romania and Bulgaria were having economic growth at the time they joined the European Union, I think that those figures were actually hiding serious problems. The management of taxes and dues is a problem for Romania. You should take examples from other countries, where fiscal policy unfurls normally. Eastern Europe has an image issue, but if we look at the past ten years, we see major positive changes. For the time being, the safest investments are in Poland and Turkey. In Romania, this could happen in about two years,' said Peter Sanfey.

Last weekend, governor of the National Bank of Romania (BNR) Mugur Isarescu declared at the public radio station that 2015 will be kept as a target for the adoption of the euro.

The Romanian Association of Financial and Banking Analysts organized on Thursday at the BNR headquarters the 2nd edition of the annual conference devoted to the effects of the global financial and economic crisis.

Sursa: http://www.agerpres.ro

Tags: romania euro target optimistic bnr

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