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March 7, 2021

Mihai Tanasescu, EIB: Romania should join the eurozone only when it is prepared

Romania should join the eurozone only when it is prepared and would need a political pact at national level in order to continue with the needed reforms with this regard, the vice-president of the European Investment Bank (EIB), Mihai Tanasescu said yesterday on RFI. “Romania presently has a number of strong points, the convergence programme, but it also has several issues which need being further addressed. Real convergence is a long process, which requires strong structural reforms in the coming years,” he explained.

According to Tanasescu, preparing the accession to the eurozone must be a political pact at national level between political parties, in order to continue the reforms Romania needs. “The adoption of the euro, regardless if it will be in 2018-2020 as it has been said, it is very important for us to believe that, when we accede, we will be capable to reinforce and consolidate this process (convergence) so we do not encounter the examples we are seeing now in certain countries of the eurozone. I say it again, I usually refrain from judging deadlines. It may happen earlier, if the structural reforms which Romania needs to enforce in order to close this distance on real convergence,” the EIB official added, according to financiarul.ro

As for how Romania will be affected by the Cyprus turmoil, the EIB vice-president appreciated that Romania belongs to “a European economic mechanism” and it will certainly be affected. “Things seem to have calmed a little, but the attention must surely remain very high. It is most important to remain calm and I believe there is the maturity necessary at European level for finding a solution in Cyprus, so Romania, too, is no longer affected by this turbulence coming from the Mediterranean island,” Tanasescu said. In his opinion, Europe should make proof of social solidarity in the case of countries that experience problems, respectively Cyprus and Greece, because this is the model it was built upon, for the last 50-60 years.

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