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October 6, 2022

National Bank’s Governor Isarescu: Committee for Preparing Changeover to Euro, to release two reports

The Committee for Preparing the Changeover to the Euro will release two reports in December, the documents are highly technical though and are 300-page long and we have strived to translate the document from Romanian into Romanian, so as to say things in an acceptable language, National Bank of Romania (BNR) Governor Mugur Isarescu stated on Wednesday.

“In December, The Committee for Preparing the Changeover to the Euro will publish the two documents, a report substantiating future decisions and a roadmap. A document on the measures, so to say, which must be taken to reach the target. There are two heavy documents. They are also bulky, a total of a few hundred pages. There are also some technical issues, but I want to say publicly that we, the ones in this committee, have made serious efforts to translate the document from Romanian into Romanian, jokingly or not, because this is not something to be trifled with, so as to say things in an acceptable language. At 300 pages, if there is no goodwill, if there is ill-will, dozens of interpretations can be found. I have seen that even on the most correctly worded sentence there make news completely beside the point and the last days are the peremptory proof in this case. So if we say there that the reasonable horizon for Romania to join the Eurozone will be sometime in 2024, say, to enter the exchange rate system, which is more or less the same as the adoption of the euro, then, from there onwards, there is only the way ahead and it can take two years or more,” Mugur Isarescu told the Profit Financial Forum conference on” The impact of financial market regulations. From goodwill to unexpected consequences.”

He mentioned that adopting the euro can be compared to a marathon, as an endurance race.

“We are all in a hurry because our lives are relatively short as compared to these historical processes, but we must understand that we cannot fail here, and that the Eurozone is not a convergence zone, unlike the European Union,” Isarescu said.

The BNR governor also drew attention to the tentative interpretations of the documents.

“If from our solid presentation there is someone who comes to give a title, as there are many who take care of titles, no matter what they write in the article, they just launch a title there or something on the ticker, right, and somebody says “The National Bank or the Committee once again postpones the accession to the Eurozone,” we haven’t achieved anything. We are talking again beside the point. At 300 pages, I am actually a researcher, if you want to find spots in the sun you can find that in any text,” Isarescu said.

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