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June 12, 2021

Fitch: Adopting EUR in 2015, an optimistic target, more reforms needed

Adopting the EUR in 2015 is an optimistic target for Romania considering that some important structural deficiencies will remain and more reforms are necessary, Douglas Renwick, director within the Fitch Group, stated, being quoted by Money.ro.

“Accession to the Euro Zone offers a political anchor for Romanian authorities and as such it is useful,” Renwick underlined. The representative of the ratings agency claimed that the measures taken by the authorities and the economic recovery may lead to an improvement in the country’s rating. He did not point out when that might take place.
“In what concerns the rating, the continuation of consolidation, the reforms and a stronger economic recovery may put an upward pressure on the BB+ rating offered to Romania,” Douglas Renwick added.  S&P rates Romania with a BB+, the highest level in the junk class, and the outlook is negative. Moody’s Investors Service is the only agency that still offers Romania investment-grade rating (Baa3).

President Traian Basescu stated in early May during a meeting with the representatives of the IMF, the EC and the World Bank, that he insists on maintaining the Euro Zone accession goal for 2015 since that would represent an “incentive,” but that in 2014 it will be decided whether the goal is feasible.

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