BNR Governor: Romania Not Ready for Euro Adoption Yet
Mugur Isărescu, the governor of Romania's National Bank (BNR), has stated that his country is not yet ready to adopt the euro. According to Isărescu, there are currently no fulfilled criteria for the transition to the euro, which he emphasized is a complex process involving the entire society.
In an interview, Isărescu mentioned that Romania needs to continue fiscal correction and maintain a budget deficit below 3% of GDP in order to combat inflation. He also highlighted the legislative instability in the fiscal area as a complication for the process.
The President of Romania, Nicușor Dan, recently announced a political agreement for the transition to the euro, but Isărescu warned that a stable political calendar needs to be established at the parliamentary level. Isărescu reminded that BNR has previously supported this project and that in the past, Romania was close to meeting the necessary criteria, but external context and internal priorities led to its suspension.