“The 2019 euro adoption target is no longer feasible because we should be in ERM II in June 2016 at the latest, and preparations for that are complicated. It’s no longer possible technically, even if the political will were there,” Isarescu told a news conference after the central bank’s monetary policy board meeting.
Even if Romania did make a huge effort to meet convergence criteria and make it into the Exchange Rate Mechanism in June 2016, which is unlikely if not downright impossible, it would still have to stay there for at least two years before qualifying to adopt the euro, the central bank governor explained, adding the process should not be rushed at this time.
“Before making any decision, before setting a date, we need a timeline. That timeline should be agreed upon at a political level, including by the opposition, because we have elections next year. Such a timeline requires nationwide consensus even more than just political consensus,” said Isarescu.