ECONOMY FINANCE&BANKING

Gov’t sets up interdepartmental committee on Romania’s switchover to euro

Under a decision passed on Thursday by the Government, an interdepartmental committee on Romania’s switchover to the single European currency, the euro, will be set up, to operate under the coordination of the prime minister as chairman, the finance minister and the governor of the National Bank of Romania (BNR), in accordance with the cooperation and independence rules of the central bank.

The Government announces in a press statement that the decision spells out the representation on the committee of the public bodies that play a part in the preparations for Romania’s switchover to the single European currency and in the conduct of structural reforms that will secure real convergence for the Romanian economy, as well as each of their main attributes.

“Under the Convergence Programme for 2016-2019 passed by the Government at a meeting on April 27, 2016 (…), the Romanian Government reiterates its commitment to adopt the single European currency, with the exact deadline to be provided based on a switchover timetable, which is expected to be completed before the next edition of the convergence programme is out, namely April 2017. The commitment to adopt the euro continues to be an important anchor for budgetary and structural reforms that are needed in order to increase the Romanian economy’s flexibility,” reads the statement.

The Government mentions that for the switchover to the euro, a national plan has to be devised that spells out actual actions covering several levels, including technical, organisational, judiciary and communicational levels. Drawing up the plan and a timetable for actions required for the switchover to the euro will be entrusted to the interdepartmental committee.

The committee will comprise representatives of the main bodies to be involved in the process: the Prime Minister’s Chancellery; the Finance Ministry; the National Bank of Romania; the Ministry of Economy, Trade and Relations with the Business Milieu; the Ministry of Regional Development and Public Administration; the Ministry for Public Consultation and Civic Dialogue; the Foreign Affairs Ministry; the Energy Ministry; the Ministry of Labour, Family Affairs, Social Security and the Elderly; the Ministry of National Education and Research; the National Statistics Institute; the National Economic Prognosis Board, as well as the Trade Competition Council.

Also included as guests will be one representative each of the Presidency; the Romanian Academy; the National Consumer Protection Authority; nationally representative trade union confederations and employers’ associations.

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