Romania has pushed back its target to join the single currency euro area to 2027-2028 from 2024, Prime Minister Florin Citu said on Thursday, as it must correct its large economic imbalances first.
Romania, a country of 20 million which joined the European Union in 2007 has postponed its euro adoption plans several times as it struggles to meet EU targets for its economy and institutions to catch up with those of richer countries.
Citu, who expects to bring the consolidated budget deficit below the EU’s 3% ceiling by 2024, told private television station Digi24 that Romania could get its economy ready to join the ERM-2 exchange rate mechanism – the precursor to eurozone membership – in 2024-2025.
Main Photo: The EU (R) and Romanian (L) flags fly over the medieval roof in Sibiu , some 275km north of Bucharest, Romania. EPA-EFE/ROBERT GHEMENT