The latest estimation of Fitch rating agency indicates that Romania could join the EUR zone in 2015, Agerpres informs. The same date is foreseen for Bulgaria, as well, whereas Estonia, Lithuania and Poland could adopt the EUR in 2013 and Czech Republic, Hungary and Latvia could join the EUR zone in 2014.
“The ratings granted by Fitch in Eastern Europe do not take into consideration the expectations that the EU authorities allow a fast adoption of the EUR currency, in answer to the current economic crisis and to the financial pressures experienced by most of the countries in the region,” according to the head of sovereign ratings department for Emerging Europe within Fitch, Edward Parker.
Fitch notes that the standing of the European Central Bank, European Commission and European Union is that a country can adopt EUR only if it matches the criteria set in Maastricht Treaty. The convergence criteria, set by Maastricht Treaty, provide that the inflation rate cannot exceed 1.5 per cent of the level reached by the countries best rated in terms of price stability, an annual budgetary deficit below 3 per cent of GDP and a public debt below 60 per cent of GDP. In spite of the EU concerns in relation the issues experienced by some of the Eastern Europe countries, as well as the wish to supply substantial financial assistance, Fitch does not expect a relaxation in the EU policy addressing joining the Euro zone.