Financial giant BNP Paribas suggests Romania could switch to theeuro as late as in 2024, i.e. nine years later than the Romanianauthorities' convergence plan providing for the adoption of theeuro in 2015.
This amounts to a new blow aimed at Romania after the Parisgovernment blocked Romania and Bulgaria's accession to the Schengenarea.
France's BNP Paribas, one of the world's biggest banks byassets, is practically sending the convergence plan of the Romanianauthorities straight to the bin, with 13 years being a much toolong period for a credible strategy to be built.
The Government and the National Bank in particular see in the2015 euro adoption a strong incentive for adopting reforms and thisis why they have so far failed to reach a decision on revising theschedule, although the deterioration of macroeconomic indicators asa result of the economic crisis is making it unlikely for Romaniato stick to its schedule.
Romania currently meets only the exchange rate stabilitycriterion, with the exchange rate fluctuating only marginally inthe last two years after the shock depreciation at the end of 2008,as well as the public debt criterion. Public debt is still below40% of GDP, which compares with the 60% maximum level allowed. Onthe other hand, inflation, budget deficit and long-term interestsare above the accepted limits.
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