Croitoru (BNR): Euro adoption in 2015 – difficult if economy fails to recover

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Euro adoption by Romania in 2015 will be very difficult, if the economy fails to recover during the period 2010-2011, stated on Wednesday Lucian Croitoru, adviser of Romania’s National Bank (BNR) Governor, present in a conference on financial topics.

„The euro adoption in 2015 will not be an easy feat, a significant effort will be needed, Romania must enter in 2012 in the European Exchange Rage mechanism – ERM II and it has to lower the budget deficit from 7.3 percent in 2009 to below 3 percent in 2010-2011. A lot of political will is needed and a policy coordination, as well”, said Croitoru.

He underlined that 2010 and 2011 will be very difficult from this point of view and, in case economy fails to recover, the adoption of euro in 2015 will not be an easy feat.

Croitoru said that there are chances that in 2009 the budget deficit climbs down to the programmed level, of 7.3 percent of the GDP, despite having climbed to 4.4 percent after the first eight months, with an increase of more than a percentage point in August because budget spending is not linear throughout the year.

As regards the economic growth forecast for 2010-2011, BNR representative appreciated it is difficult to estimate the economic evolution because prognosis is made based on past models and data and a crisis represents a „breaking with the past”.

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