Presentation on theme: "ELEC Conference October 26, 2012 Bucharest, Romania."— Presentation transcript:
ELEC Conference October 26, 2012 Bucharest, Romania
Romania’s population remains one of the most confident in the merits of adopting the Euro. According to the April 2012 Eurobarometer, 54 percent of Romanians consider that Euro adoption would have a positive effect for them, compared with 45 percent of Latvians, 44 percent of Hungarians (the three countries where Euro enjoys a majority), 37 percent of Bulgarians, and of Poles, 36 percent of Lithuanians and 21 percent of Czechs. Valentin Lazea
The new Government resulting from the Parliamentary elections of December 9 will have to confirm or to revise the proposed adoption date, of However, maintaining the current timetable is extremely difficult, since it supposes: entering the ERM2 starting January 2013 a minimum stay within the ERM2, of only two years acceptance by the Commission and by the ECB of the adoption taking place not at the beginning of 2015, but during that year.
The nominal convergence criteria should not constitute an unsolvable problem. Romania already fulfills 3 of the 5 Maastricht criteria and 7 of the 10 Scoreboard criteria. The real problem consists of the real convergence criteria.
Options for the new Government: a)maintaining the current accession date b)proposing a new accession date c)leaving the question of accession date open-ended. Reasons for option c): in the short term and in the medium term, there is little willingness from the Eurozone to accept new members real convergence criteria require time to be fulfilled the disciplinary role of the Euro has been, to a large extent, taken over by new instruments at the Commission’s disposal (European Semester, Six Pack etc.).