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.
Ion Iliescu, Romania’s first president after the fall of communism in December 1989 and one of the country’s most influential and controversial political figures, died on Tuesday, August 5, at the age of 95. His death was announced by the government, which expressed condolences to his family and stated that details regarding the state funeral […]
A large medieval cemetery was discovered this week at the Hasdeu High School in Lugoj, western Romania. The complex may have extensions into the surrounding yards and a high historical importance. Although the excavations are only just beginning, with an estimated 10% of the necessary work completed so far, the discoveries have already showed promise. […]
A trilateral working meeting for the creation of a regional cybersecurity alliance between Romania, the Republic of Moldova, and Ukraine took place on July 30 in Chernivtsi, Ukraine. The establishment of such a union would boost Romania's role in region. "The National Cybersecurity Directorate considers that the initiative to establish a cybersecurity coalition between Romania, […]
Two Dacian gold bracelets from the collection of the National History Museum of Romania (MNIR) have been recently 3D scanned as part of a digital preservation project highlighting these exceptional archaeological pieces. The initiative, launched by the museum, aims to showcase the artistry and cultural significance of Dacian goldsmithing. Crafted with remarkable skill, the spiral-shaped […]
Arad, a city in western Romania dubbed the “Little Vienna,” will organize a celebration of its history and culture in the Austrian capital, between August 8 and 20. The Days of Arad Culture begin on August 8 with the photo exhibition "Arad of Yesterday and Today," which will highlight the architectural connection of the city […]
In a report published on Tuesday, August 5, the Group of States against Corruption, or GRECO, said that Romania has fully implemented two of the 26 recommendations made in the 2023 Fifth Round Evaluation Report on preventing corruption and promoting integrity among top executive functions of the central government and law enforcement. Out of the […]
