“The road to euro adoption has been delayed by the 2020 crisis. We need real convergence and we will catch up in 2021-2024 but we need to be aware that euro accession won’t happen before 2024,” said Citu.
The prime minister added the country maintains its euro adoption target.
Romania’s latest euro-adoption target was set for 2024-2026 back in December 2018.
The country currently meets none of the convergence criteria – price stability, sound public finances, exchange rate stability and convergence in long-term interest rates – required for euro adoption.
It is also under the excessive deficit procedure and will have to regain macroeconomic balance before setting a euro-adoption calendar. The current government plans to gradually reduce the deficit to return to the EU limit of 3% in 2024.