Romania Eyes Euro Adoption by 2032, Hinges on Fiscal Stability

Romania has set its sights on adopting the euro by 2032 if it can restore fiscal stability, secure political stability, and adopt a coherent long-term development plan, according to interim Minister of European Projects and Investments Dragos Pislaru.

The country's transition to the common European currency depends on meeting economic indicators related to the budget deficit and government debt, Pislaru said. Romania has set 2030 as a target for putting its public finances in order.

The minister outlined three conditions that must be met: fiscal consolidation by 2030, adoption of a coherent development strategy for 2028-2034, and political stability secured. The country's current budget deficit stands at 9.3% of GDP, the highest level in the EU, according to Pislaru.

National Bank Governor Mugur Isarescu has taken a more cautious view, stating that Romania currently meets none of the criteria required for euro adoption and cannot establish a realistic schedule for joining the eurozone at this time. However, Romania remains obliged to adopt the single currency once necessary conditions are met under its EU accession commitments.