Isarescu: Changing Euro Adoption Target Would Delay Reforms

05.05.2011 By Florentina Dragu

Changing Romania’s euro adoption target would have only fueled political maneuvers to delay structural reforms, central bank governor Mugur Isarescu said Thursday, adding that the 2015 deadline has “potential left.”

"When you set a target you aim to put things in motion, to make sure the many reforms are conducted, so I believe that the 2015 deadline hasn't depleted its characteristics," Isarescu told a news conference.

Late April, the government announced it would keep its 2015 self-imposed target for euro adoption, after President Traian Basescu stressed the deadline was necessary to ensure reforms are made on time.

The government approved Romania's updated convergence program for 2011-2014, which will be sent to the European Union.

The initial draft of the convergence program indicated that Romania would not be able to join the European Exchange Rate Mechanism (ERM-II) before 2013-2014. The document didn't specify a timeframe for the euro adoption, unlike previous versions.