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.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
