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Central bank governor: Political class must promptly assume responsibility for Romania's joining eu

The political class must promptly assume responsibility for Romania's joining the eurozone in 2014, governor of the National Bank of Romania (BNR), Mugur Isarescu, told a conference marking the 10-year anniversary of the establishment of the European Central Bank (ECB).

'I am glad that important steps were made in this direction and I hail President Traian Basescu's insistence for that,' said Isarescu. The BNR governor specified that no special law is required for Romania's joining the eurozone in 2014, but the political class needs to take responsibility, which means that every ruling line-up should observe the established goals and policies strengthening this track. Isarescu underscored that in his vision, nominal convergence (correlation of macroeconomic indicators) is unsustainable in absence of real convergence (the rise in wages, living standard, investments), just as real convergence with no nominal convergence means an extremely risky growth that could any time boomerang on economic development. The BNR governor recalled initial predictions about the euro collapsing in a few months or years, or warnings that a single currency cannot keep the balance among so various monetary policies and that the Stability Pact is just a deficient substitute, but now the euro has a broader area of circulation and most new EU members, Romania included, have eurozone accession programs in place (Romania's spans the interval 2007-2014). Isarescu added that Romania has been participating in the system of European central banks since 2006, first as observer, and as full member of January 1, 2007. Sursa: http://www.rompress.ro

Tags: romanias joining central responsibility class governor political euro bnr