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As many as 300 trucks with banknotes to be brought to Romania for the adoption of euro

Switching to euro is going to be a difficult process, more difficult than merely meeting the criteria established by the Treaty of Maastricht, say authorized sources, who also appreciated this measure needs more time to be prepared.

‘As many as 300 trucks laden with euro banknotes and the same many with coins are going to be brought to Romania by 2012, to prepare the switching to euro. After that, the old currency, which is now circulating in quite huge quantities, needs to be pulled from the market. This is a very difficult process’, the abovesaid sources specified.

The current schedule for the adoption seems to be ‘a little too ambitious’, according to officials of the National Bank. ‘In the context of meeting the switching criteria established by the ERM II, which is the pre-adoption stage, Romania may be able to adopt the euro after minimum two years, most probably late in 2014 or on January 1, 2005’, they underlined, in the first quarter of 2009.

The criteria of convergence, established by the Treaty of Maastricht, estimate an inflation not to exceed by more than 1.5 percent the level reached in the best-placed countries from the viewpoint of the stability of prices, an annual budget deficit below 3 percent of the GDP and a public debt below 60 percent of the GDP.

Moreover, the criteria refer to the stability of the exchange rate (the observation of the normal fluctuation bands within the exchange rate mechniams for two years, without devaluing the currency, compared with the currency of another EU member state in the same interval) and with a long term interest rate not to exceed by more than two percent those in the three EU member states with the lowest inflation level.


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