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September 24, 2020

Isarescu: “We didn’t move away from the Eurozone, we are just waiting”

Governor of the National Bank of Romania (BNR) Mugur Isarescu, President of the Section of Economics, Law and Sociological Sciences of the Romanian Academy (ESPERA), said that Romania, the same as Bulgaria, Hungary, Poland and the Czech Republic, did not move away from the Eurozone, but it is just waiting, Agerpres reports. In its lecture ‘Romania and the Eurozone’ delivered at the Romanian Academy Hall, on the occasion of the 2013 ESPERA Conference, Isarescu blamed this skepticism on the negative information coming from the Eurozone. ‘Crisis, crisis, crisis. Perception is stronger than reality’, said Isarescu.
According to Isarescu, the advantages of Euro adoption have become less obvious in the latest while, while costs are more visible, also adding that none of the five former communist countries mentioned denies the fact that, in the long run, it is in their interest to adopt the Euro. He explained that all the former communist countries that have already joined the Eurozone or are about to join, are small countries, while Romania (initially having 2014 as target for entering Eurozone), the same as Bulgaria, Hungary, Poland and the Czech Republic, is a bigger country.
He also mentioned that, although the adoption of the Euro is, from a legal viewpoint, an assumed obligation, the actual time of materialisation of the obligation remains to be decided by the Member States. ‘I do not think that Romania can develop elsewhere’, said Isarescu, while mentioning that the adoption of the Euro is not an abandoned project, only the approach being more prudent and more comprehensive.

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