UniCredit Tiriac Bank CEO Pascariu: We need thorough euro adoption programme

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Romania should have a very clear calendar for the adoption of the euro, like those that multinationals implement for large projects, with precise data and steps to be made for each stage; a calendar that should be assumed by all the political parties, the Ziarul financiar reads on September 12, citing UniCredit Tiriac Bank CEO Dan Pascariu as saying in an interview.
 
“It’s stupid not to assume a national euro adoption programme sooner rather than later, after the entire political scene undertook the EU integration project,” Pascariu added.
He considers such a programme imposes discipline and rigorousness on any government, the more so as the criteria for euro adoption is quite easy to follow publicly and if it fails the Government responsibility will be highly visible.
 
ING Bank Romania general manager Misu Negritoiu also opines that euro adoption would be the most important objective through which economic stability could be reached.
Romania’s Central Bank (BNR) and the Government announced 2014 as a possible euro adoption target in Brussels, but the former warned this year that unless inflation was brought back on a solid downward trend, the target could be endangered.
 
Pascariu says he is concerned with the election period and “populist temptations”.
However, he declares himself upbeat about the performance of the economy. As regards RON trend, the banker says he has been surprised by the recent weakness registered amid the dollar’srise against the euro. Pascariu expects fluctuations to continue within a range of 3.4-3.7 RON per euro and considers such volatility does not have negative effects in the economy, the Ziarul financiar reads on.
 
He believes the market has grown more resilient to exchange rate fluctuations, has learnt there is no fixed rate and must expect the worse, with large companies being already accustomed to resorting to specialized instruments to cover exchange rate risks.
A correction was necessary, the Ziarul financiar concluded, quoting Pascariu as saying, when referring to the real estate market, where he is involved through an investment in a housing project in Bucharest.
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