Is the local currency still a clear advantage for the Romanian economy?

Autor: Liviu Chiru 02.09.2010

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.