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Romania might miss adoption of European currency on scheduled date

Romania might fail to adopt the euro currency on the scheduled date, unless certain economic indicators are corrected till then and the deficits reduced, head of the European Commission Office to Romania Nicolae Idu told a press conference on Wednesday.

'The European Commission recommended a cut in the country's budgetary expenditure, as well as a cut in the macoeconomic deficits. Unless these things happen, the possibility to adopt the single European currency on the scheduled date is questionable,' Idu also said. He stressed the European Union's executive body recommended Romania a correlation between wage increases and productivity. 'There is need for certain public policies to be adjusted, so that the macroeconomic indicators be reached. The fiscal policy should be a predictable one, so as to ensure revenues to the budget and, on a medium term, to ensure the budgetary deficit at below 1 percent,' Idu said. According to him, the European Commission cannot sanction Romania for not modifying its macroeconomic targets, since the country is not a member of the Economic and Monetary Union. 'As long as Romania is not a member of the Economic and Monetary Union we cannot think of concrete sanctions. There is need certain corrections to be operated in the country's macroeconomic developments. The Romanian authorities are thus expected to give such signals related to a revision of the budgetary programmes on a medium term to take into account the recommendations from the EU,' Idu also said. Sursa: http://www.rompress.ro

Tags: romania european scheduled currency euro

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