UPDATE: Romania Keeps 2015 Deadline For Euro Adoption

04.29.2011 By Florentina Dragu

The Romanian government Friday decided to keep the year 2015 as the official deadline for euro adoption, participants in the executive’s meeting told MEDIAFAX.

The Romanian government Friday decided to keep the year 2015 as the official deadline for euro adoption, participants in the executive's meeting told MEDIAFAX.

Prime Minister Emil Boc later confirmed the news, adding that the exact date when Romania would adopt the European common currency will be set after consultations with international partners.

Boc said the government will set up a committee to oversee the necessary steps in view of joining the eurozone by the mentioned deadline.

The committee will be headed by the prime minister, aided by the central bank governor as deputy president, the ministries of finance and economy, as well as other high-ranking officials.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 noted 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.

MP Varujan Pambuccian said earlier Friday that the government and central bank's governor Mugur Isarescu have decided to maintain the 2015 deadline for euro adoption, but the national currency wouldn't be withdrawn from the market before 2016.