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Romania to decide by the end of the month whether it will maintain its euro zone objective

Romania will decide whether it will give up plans to join the euro zone in January 2015 through the convergence plan for 2011-2014 that is currently debated between the government, national bank and the presidency and will be approved by the end of the month, PM Boc declared quoted by Agerpres.

The decision will be taken within the national convergence plan, by the end of April, Boc said. President Traian Basescu declared on April 12 that he will initiate a debate to see whether it is in Romania's advantage to join the euro zone in 2015.

To perform in the euro zone, a country needs to have a performing economic, which is why we must decide whether Romania should reconsider its initial plans to have the euro in 2015, the President said at the time.

According to the draft convergence program, which was obtained by MEDIAFAX, Romania must implement further structural reforms to increase economic flexibility and the capabilities to resist asymmetric shocks. The Government didn't specify a new deadline for the euro adoption.

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. 'Romania must be prepared to adopt the euro and it has to consolidate its monetary and fiscal policy so that the exchange rate at the time of the adoption is stable,' the Executive said at the time.

Mihai Tanasescu: the decision to postpone the adoption of euro is correct

The debate on the optimum time to adopt the euro is older and the crisis proved that the EU has its own challenges it needs to face. Adopting euro is an ambitious plan and for an economy that is still recovering, like Romania's, the decision to postpone the moment is correct, Romania's representative to the IMF, Mihai Tanasescu declared for HotNews.ro.

This is a national project that will be implemented irrespective of which party is ruling, Tanasescu said. He said that the project needs to be firstly understood, then accepted and only afterwards implemented. According to Tanasescu, to join the euro zone with minimum risks Romania needs to take its competitiveness level to that of the EU which takes some time.

Tanasescu arrived in Romania for a few days for talks regarding the first evaluation of the agreement with IMF. In his opinion Romania needs to accelerate reforms of state owned companies and continue the fiscal reforms and strengthen fiscal stability.

Sursa: http://www.actmedia.eu

Tags: euro needs tanasescu whether decide romania

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