Euro to replace ROL in 2009

Romania could drop the ROL and turn the euro into its national currency as of 2009, following an about two-year transition period from the moment it joins the EU, PM Adrian Nastase on Monday said. “After Romania joins the EU, it will need a transition period of one or two years before introducing the euro,” Nastase said. He specified this option was first considered last year, when the Government was assessing ways of introducing the “hard ROL.” Although contemplating it, the Government did not rule on the introduction of the hard ROL, i.e. on striking off three zeros. This step would have had a major psychological component, but the opposition parties disagreed arguing it was just an attempt to gain votes. The Government decided to postpone the talks over the hard ROL for after the elections. ZF