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Romania Sets Up Euro Adoption Committee

The Romanian government has set up a ministry committee in order to set up a timeline for adoption of the euro. 

The initial timeline had a 2015 deadline. Two years ago, it was extended to 2019 and subsequently dropped.

The major issue facing Romania, is the 60% of the euro average GDP requirement, something authorities believe will not happen for up to 13 years from now.

The European Institute of Romania has stated that the country could reach 75% of the euro average in 13 years, assuming a continuation of the rate of growth over the period between 2000-2015.

The governor of the Romanian central bank, Mugur Isarescu has in the past said a lot of caution should be taken in adoption of the single currency which continues to navigate a variety of crises.

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