Postponing the accession to the Eurozone could result in a "dangerous relaxation" for the measures taken within Romania’s convergence process towards the economic level of the EU developed states, Central Bank of Romania (BNR) governor Mugur Isarescu said.
- Publicitate -
Romania wants to join the Eurozone in 2014 and should access the Exchange Rate Mechanism (ERM2) two years earlier. Romania must comply with some nominal convergence criteria which require a maximum 3 percent of the GDP budget deficit.
It must also keep the public debt under 60 percent of the GDP. Another essential criterion is that the average annual inflation stays below a maximum 1.5 percentage points of the average inflation of EU’s top three economies.
Other criteria include the interest rate for the long-term state securities and the exchange rate, meaning the leu should enter a fluctuation path of plus/minus 15 percent against the euro.
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