2029 is a viable target to access the euro zone, but the most important is real convergence about which very few people speak, said on Thursday the minister of finances, Adrian Caciu. ‘From my point of view, 2029 is a viable target (to access the euro zone). Beyond the nominal criteria for convergence which clearly we can cover on a medium term, the criterion of debt – we are happy by comparison to other European states which cannot cover it anymore’ Caciu said.At half December 2021, Florin Georgescu, prime-vice governor of the National Bank of Romania (BNR) stated, when launching ‘Capitalism and capitalists without capital in Romania’ that all the targets to access the euro zone were missed, the next deadline being 2029.According to the Report of convergence for 2020 published by the European Commission (EC), access to the euros one is an open process, which relies on certain norms. Among the criteria for convergence there is stability of prices, solidity of the public finances, and stability of foreign exchange and convergence of the interest rates on a long term. There is also under analysis, the compatibility of the national legislation with the norms of the economic and monetary union.The conclusions of the report show that Sweden and Croatia meet the criterion referring to stability of prices, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Sweden meet the criterion referring to public finances, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Sweden meet the criterion of the interest rates on a long term.No one of the member states mentioned does meet the criterion regarding the stability of the foreign exchange, as none of them is a member of the exchange rate (ERM II). Thus, Croatia and Sweden meet all the criteria for economic convergence, but for the criterion regarding the exchange rate due to the reason mentioned above.In the case of Romania, the document shows the fact that our country does not meet any of the four economic criteria necessary to adopt the euro, namely : stability of prices, solidity of the public finances, stability of the exchange rate and the convergence of the interest rates on long term.The reports for convergence must be made once every two years, irrespective of the possible stage of accession to the euro zone.
Low-cost carrier Wizz Air announced that starting March 30, 2025, its flights between Bucharest and Budapest will be relocated from Henri Coandă International Airport to Bucharest Băneasa - Aurel Vlaicu International Airport. Passengers traveling on this route are advised to check their email for detailed information and to confirm the new departure or arrival airport. […]
The Oradea City Hall won a European project of RON 375.1 million (EUR 75.5 million), of which RON 216.6 million (EUR 43.6 million) is financing from the Modernization Fund, which provides for the efficiency of the centralized thermal energy supply system. The investment targets the distribution networks of 19 thermal points in the municipality of […]
Transelectrica, the operator of the national energy transmission system in Romania, announced the entry into commercial operation of the 400 kV Reşiţa-Pancevo high-voltage line between Romania and Serbia. "Thus, the 400 kV Reşiţa-Pancevo OHL becomes the 11th 400 kV interconnection line between Romania and neighboring countries, reaffirming Transelectrica's commitment to developing energy infrastructure and integrating […]
Romania’s public debt reached RON 937 billion (EUR 188.3 billion) at the end of November 2024, according to data published by the Finance Ministry. The debt-to-GDP ratio reached 54.3%, based on the latest four-quarter GDP available (RON 1,725 billion as of the end of September), up from 54.0% at the end of October and 48.8% […]
Romania's general government budget deficit reached RON 153 billion (over EUR 30 billion) in 2024, nearly 70% more compared to 2023, according to data published by the Finance Ministry. The deficit-to-GDP ratio reached 8.65% based on the estimated 2024 GDP (RON 1,765 billion), up from 5.61% in 2023 and compared to an initial 5% target. […]
Film options abound, with themed programs dedicated to Paul Newman and the Marvel Universe, and there are plenty of exhibitions to discover. In Bucharest: Paul Newman weekend January 30 – February 2 Cinemateca Eforie marks 100 years since the birth of the American actor and director with a program including Cool Hand Luke and Cat […]
