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April 23, 2021

Economists: Realist estimation for accession to the eurozone is 2018 or 2020

Following the Traian Basescu’s statement regarding the urgency of joining the eurozone in the next 3-4 years, chief economists of banks and by analysts said that a reasonable date for Romania’s accession to the single currency area is 2018 at earliest, HotNews.ro reports. Moreover, it is not the accession per se that should concern, but the reforms which should anticipate the entire process of accession, which are missing now. “If we will grow by 1 pc, maximum 2 pc in the long run, we can delay joining the euro by a decade. Only after we close the economic and social gap we can start the process of adopting the euro, but for now, we and the Bulgarians have the lowest living standard and there even was a regress during the last years, caused by a more brutal correction of the Romanian economy compared to other European economies,” explains Melania Hancila, the chief economist of Volksbank. In his turn, Eugen Sinca, chief economist of BCR gave 2018 as a realistic moment when Romania might join the eurozone. “A reasonable date when Romania could be partly ready for the accession to the eurozone is year 2020. Unfortunately, delaying the reforms of the state, the contempt of the political class for the private property, the state officials’ failure to respect and enforce the laws and the inexistence of a functioning market economy make this target more remote each year,” explains Florin Citu, economist, owner of the consulting and analysis company Florin Citu Advisory.

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