Is the local currency still a clear advantage for the Romanian economy?
While the outlook of euro adoption around 2015 is ever more
uncertain, economists state the advantage of having our own
currency, for which the Romanian elite fought hard a century and a
half ago, is no longer as obvious.
The RON, which first appeared as a physical currency in 1867, came
to strengthen national unity and identity, emerging with great
difficulty and despite the will of the Ottoman and Austro-Hungarian
Empires, under whose influence Romania was at that time.
The existence of a local currency providing the capacity to run a
foreign exchange policy was one of the advantages the NBR
identified in the case of Romania even at the onset of the current
economic crisis, in 2008.
Would the shift to the euro be an advantage?
"Ultimately, it depends on where we want to stand, what we want to
be. If we want to be a strong economy, then being part of the euro
zone clearly brings benefits. If we want to stay in our marsh with
a lack of productivity, we are more hedged with our currency," says
Dan Pascariu, chairman of UniCredit Ţiriac Bank board.
In his turn, Valentin Lazea, NBR chief economist, say the
coordinates of the Romanian economy are now completely different
against the moment the step toward a local currency was taken.