In the face of Government indecision, the central bank isadamant about Romania joining the eurozone in 2015. The novelty isa potential 11-month transition period -between January 1st 2015and December 2015, the euro and the leu would circulate inparallel, although normally the transition would last twomonths.
The euro could be introduced in Romania in January 2015,according to the initial schedule, but will be used in parallelwith the euro for a further 11 months from adoption, much longerthan the standard two-month period. The latest countries to jointhe eurozone, Slovenia (2007), Slovakia (2009) and Estonia (in2011), have had a 16-day transition. France and Germany had twomonths of parallel circulation.
This unusually long 11-month period could allow time forRomania's macroeconomic indicators to reach convergence, so theadoption would practically be achieved in 2015.
In a first stage, the government did not mention January 1st2015 as a target in the Convergence Programme, a document that issent every year to Brussels. However, things changed on Friday. TheGovernment and the NBR (National Bank of Romania) decided to keep2015 as a deadline for the adoption of the euro, with the targetalso being mentioned in the Convergence Programme adopted by theGovernment on Friday, which will be sent to the EuropeanCommission, according to sources quoted by Mediafax. So, the 11months of "extension" are set to be approved in Brussels.
Prime Minister Emil Boc specified on Friday evening that theprecise date of joining the euro had not been set, and would beagreed with European partners.
The proposal came virtually out of the blue on Friday, in ameeting of ruling coalition parties which was also attended bygovernor Mugur Isărescu, after in the past two months theauthorities had only talked about the need to reconsider January2015 as a date amid the deterioration of economic indicators duringthe crisis.
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