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May 17, 2021
BUSINESS

January 1, 2019 – Government’s new target date for Euro Zone

Romania has set out to adopt the euro currency in 2019, when it will hold the EU presidency for the first time. “It is extremely important to put into action the convergence plan in order to align ourselves with EU standards and to reach the objective of acceding to the Euro Zone in 2019,” Prime Minister Victor Ponta stated yesterday.
In the last several years, discussions over the most appropriate time for Romania to accede to the Euro Zone have increased and multiple potential target years have been suggested. The Gov’t is currently considering setting January 1, 2919 as the official date by which Romania will become part of the Euro Zone, official sources have stated for ZF.
Late last year, PM Victor Ponta had remarked it would be best to adopt the euro currency in 2018, the date also marking the Great Union of 1918 centennial. However, certain officials have pointed to a more distant deadline. There continue to be doubts as to whether Romania will be ready to take the next step towards the Euro Zone in 2019 and analysts believe this goal may be too ambitious.
The same as every year, Romanian authorities will send the convergence program to Brussels. The cited sources claim January 1, 2019 is the Government’s new deadline for acceding to the Euro Zone. The document submitted last year did not mention a specific target date, but rather stipulated that the commitment to adopt the euro currency will take effect “at a further date when the objective of compliance with the nominal and real convergence criteria has been reached.”

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