Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Romania might adopt Euro in 2015, a year later than estimated

The budget deficit and weak national currency are getting us farther from the euro. According to foreign specialists, the passage to euro in 2014 is a target difficult to reach. Romania needs at least an additional year to the set deadline to adopt the single currency. Romanian authorities are optimistic, though. The aims of Romanian authorities do not fit foreign estimates.

While Romanian authorities established the target of entering the euro area by 2014, evaluation agencies think it will be hard to fulfill.Fitch Rating, for instance, considers that Romania will not adopt the single European currency before 2015 as it has to reach certain standards bringing us to the average EU development level.

"We maintain the estimate on the adoption of euro in 2015. Romania got farther from the convergence process compared to August 2008 when we formulated the estimate on entering the euro area in 2015, considering that the fiscal deficit has grown by 5% of GDP in 2008,over the reference threshold of 3% and the leu became instable, the report shows. The objective of adopting euro in 2014 could be fulfilled however, in the opinion of the vice-president of Moody's Investors Service. He warns however that because of changes taking place at present in economy, Romania will not fit in this deadline.

In order to get in line with the euro area, Romania has to fulfill a series of conditions concerning inflation, budget deficit, public debt, exchange rate and interest rates, the daily "Gandul" writes.

According to a CE report of May, Romania fulfills only one criterion necessary for the adoption of euro, the one on budget stability. Last year, the financial agency Fitch and Standard and Poor's reduced Romania's ratings for long term foreign exchange credits.

Sursa: http://www.actmedia.eu

Tags: romania euro adopt

Articole similare