Romania on its Way to Euro

Soproni, Luminita (2009): Romania on its Way to Euro. Published in: Jaroslaw Kundera (ed.), Economic integration in the EU enlarged: from free trade towards monetary union, Wroclaw, Poland (2009): pp. 229-244.

Abstract

As Romania has become on 1 January 2007 a member state of the European Union, it aims to access the Euro Zone, after it will have fulfilled the economical conditions; thus Romania will be completely integrated in the Economic and Monetary Union. Romania must accomplish more requirements and the preparation for the day when it will be able to adopt the unique currency – euro – is very difficult. According to the new regulations a country is allowed to access the Euro Zone only after two years from its accession to the European Union. The present situation of the Romanian economy does not allow us to be very optimistic regarding the date on which Romania will adopt euro as Romania’s unique currency.

• Item Type: MPRA Paper
• Language: English
• Keywords: European integration, nominal convergence, real convergence, Romania
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination

References

Chirca, C., „Disinflation – confirmed by the annual average rate”,in Gândul, 19 March 2007; „CNP has revised the inflation prognosis for this year, up to 5,4%”, Website Mediafax, http://www.mediafax.ro/economic/cnp-a-revizuit-in-crestere-estimarile-privind-inflatia-din-acest-an-la-5-4.html?1686;2439827

Dobre, R., “The constructions have saved the GDP”, in Curierul naţional, Year 13, no. 5117, 5 March 2008

European Central Bank, Bulgaria and Romania join the European Union, Press Release, 2 January 2007, http://www.ecb.int/press/pr/date/2007/html/pr070102_1.en.html

EUROSTAT, February 2008. Euro area annual inflation up to 3.3%, News Release. Euro Indicators, 14 March 2002, http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2008/PGE_CAT_PREREL_YEAR_2008_MONTH_03/2-14032008-EN-BP.PDF

Fraştelni, C., “Last year the agriculture has pulled the economy down”, in Bursa on line, 13.03.2008, http://www.bursa.ro/on-line/s=macroeconomie&articol=24296&editie_precedenta=2008-03-13.html

Gheorghe, L., “Slovakia, the second East European country which will adopt Euro”, Website: BusinessStandard.ro, 2.03.2008, http://www.standard.ro/articol_11652/slovacia__a_doua_tara_din_est_care_va_adopta_euro.html

Isărescu, M., Romania: The Way to Euro, 2007, p.6, http://www.ugir1903.ro/download/BNR_Drumul_catre_euro.pdf

Isărescu, M., Globalization and European integration. Romania’s Case, Bucharest, 15 March 2007, http://www.bnro.ro/Ro/Prez/R20070315Guv.pdf

Isărescu, M., The role of monetary policy in the macro-economic policies mix, Timişoara, 8 November 2007, http://www.bnro.ro/Ro/Prez/R20071112Guv.pdf

Marinaş, M. “The Analysis of the correlation between the nominal and the real convergence. Romania’s Case”, in Theoretical and Applied Economy, no.3/2006 (498)

Moroianu, G., “BNR kills the credits in lei”, in Ziua, 27 March 2008

European Commission, The Commission's Assessments of National Reform Programmes for Growth and Jobs. Romania, http://ec.europa.eu/growthandjobs/pdf/european-dimension-200712-annual-progress-report/200712-annual-progress-report-RO_en.pdf

National Commission of Prognosis, External Trade in 2007, http://www.cnp.ro/user/repository/comertul_exterior_2007.pdf

National Commission of Prognosis, Real Convergence of Spain and Portugal. Comparative Analysis, http://www.cnp.ro/user/repository/866de1177e1be0a38d4a.pdf

Official Journal of the European Union, Council Opinion of 27 March 2007 on the convergence programme of Romania, 2006-2009, 2007/C 89/06, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2007:089:0019:0022:EN:PD

Official Journal of the European Union, Council Opinion of 12 February 2008 on the updated convergence programme of Romania, 2007-2010, 2008/C49/10, http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:049:0039:0043:EN:P

Mediafax, Government Says EC Won’t Launch Infringement Procedure Vs Romania For Excessive Budget, 31 March 2008, http://www.mediafax.ro

National Bank of Romania, Inflation Report, February 2008, year III, no 11, Website BNR, http://www.bnro.ro/Ro/Pubs/RapInflatie/RAI200802.pdf

National Bank of Romania, Press Release, 26 March 2008, Website NBR: http://www.bnr.ro/

Romanian Government, Convergence Programme 2006-2009, Bucharest, January 2007

Romanian Government, Convergence Programme 2007-2010, Bucharest, November 2007

Romanian Government, “Euro in Romania from 2014”, in eu-ro newsletter, no.19/ 06.04.2007, http://www.gov.ro/presa/integrare/afis-doc.php?idpresa=462

*****, Mugur Isărescu: We will adopt Euro in 2014, Website: GhiseulBancar.ro, http://www.ghiseulbancar.ro/articole/67/5314/Mugur_Isarescu__vom_adopta_moneda_Euro_in_2014.htm, 29.02.2008;

*****, NBR proposes to adopt euro in 2014, even if the last year was not favorable for this target, Website: frontnews.ro, 29.02.2008, http://www.frontnews.ro/articole-economic/bnr-isi-propune-adoptarea-euro-in-2014-desi-anul-trecut-nu-a-fost-favorabil-acestei-tinte-6820

*****, “Romania will adopt Euro in 2015, as states Fitch Rating Agency”, in Gardianul, no.1621, 30.09.2007, http://www.gardianul.ro/2007/09/30/economie-c1/rom_nia_va_adopta_euro_n_2015_dup_agen_ia_de_rating_fitch-s102002.html

*****, Ecofin will discuss the opinions regarding Romania’s convergence for the Euro Zone, The Money Channel, 12 February 2008, http://www.tmctv.ro/articol_31247/reuniune_ecofin_la_bruxelles___opinii_privind_convergenta_romaniei.html

*****, Poland's central bank head sees 2012 as earliest possible date for euro, Website: PR Inside.com, http://www.pr-inside.com/poland-s-central-bank-head-sees-r417064.htm, 2.03.2008