The adoption of the euro in 2015 remains the only calendar with clear deadlines for the reforms needed to curb public spending, as well as for the modernisation of the economy, after two important milestones have been reached: the NATO accession in 2004 and the European Union accession in 2007.
The Government has undertaken this target again, which it set together with the National Bank during a meeting held to approve the Convergence Programme for 2009-2012, on Monday night, which is outside the usual schedule.
Whereas Romania did have a multi-annual reform and development programme between 2000-2007, in order to join the European Union, no long-term strategy has been continued since then. The only anchor-programme is now the single currency adoption programme.
With more than one of third of the people’s and companies’ deposits held in euros and a large part of prices from telephony services to cars and buildings – calculated in euros, too, the Romanian economy is already moving towards the single currency.
The adoption of the euro, however, entails reaching a set of five quantitative criteria regarding the main macroeconomic indicators – low inflation and interests, stable exchange rate, sustainable budget deficit and public debt.