“I don’t believe in a target interval without a roadmap right now. If it isn’t 2019, which year is, if no roadmap available,” the governor told a news conference.
“Any change of the target date shows frivolity without a roadmap. And I don’t think any debate on the date of January 1, 2019 is needed.”
Romania’s government maintained January 1, 2019 as the target date for joining the euro-area in the convergence program sent recently to the European Commission, although the central bank expressed its reserves regarding the date.
Isarescu said joining the euro-zone is a very complex process, which is not linked only with the target date, but even “it is dangerous to only talk about the target.”
The governor said the central bank’s stance is more subtle, underlining the positives of an ambitious target, while also pointing to a lack of credibility if serious steps are not taken in a limited timeframe, adding the “target could do more harm than good.”
“We are waiting for discussions with the Government, the Parliament and the Presidency. The central bank’s opinion has been presented and it is more nuanced than saying there is a divergence.”