Romanian Finance Minister Adrian Câciu announced Monday that the government in Bucharest is pushing to adopt the euro far earlier than the current plan to join the eurozone.
While Romania could adopt the euro in 2029 at the earliest, Romania’s government is looking to adopt the euro by 2026. Still, for that to happen, as Câciu explains, they must first fully implement National Recovery and Resilience Plan (NRRP).
Câciu underscored that while Bucharest maintains the current plan to adopt the euro, they all have to make an effort to push through the reforms in the National Recovery and Resilience Plan and have the plan 100% fulfilled so they can change the adoption pace.
Romanian Finance Minister believes that if it applies this NRRP, would have elements of real convergence by 2026 and would also have nominal so that it can begin to enter the antechamber of the eurozone.
That, in return, will lead to a faster absorption of European funds.
The European Commission established at the end of 2022 that Romania did not meet the conditions needed to adopt the euro and one of the preconditions that any EU country wishing to switch to the euro must have achieved is a high degree of sustainable economic convergence.
Even the National Bank of Romania announced in 2021 that accession to the eurozone would come in 2029 at the earliest despite the existence of a strong political will to join the group across the board.
Several governments since 2007 have successively promised that their country would join the eurozone and adopt the euro currency, but to no avail as of yet.
A few days ago, the advisor to the governor of the National Bank of Romania, Adrian Vasilescu, said that, at this point, the economic effort for Romania would be too big and almost impossible to achieve.
