Romania wanted to join the euro zone with an imbalancedstructure in terms of budget revenues and public spending, NationalBank of Romania Governor Mugur Isarescu said, comparing theadoption of the single currency with the NATO accession in 2004,which occurred before the military had been completelyreformed.
"We tried to transform the economy much too fast. We wanted tojoin the euro zone with relatively little preparation, as we didwith the NATO. We moved from an Eastern military to a professionalWestern one and there was no other option than early retirement,"Isarescu told the Forumul Financiar 2010 (2010 Financial Forum)event, organised by Forum Invest.
Romania formally maintains its target to shift to the singleEuropean currency on the 1st of January 2015, a calendar promotedby the National Bank itself, whose officials believe that keepingthis date would give reforms a boost. This is the second time inthe last few months when the Governor has warned Romania must notmove to the euro unless it has completed domestic reforms.
Nouriel Roubini, one of the world's most famous economists, alsosays that Romania has no other way to come out of the crisis thanby adopting harsh austerity measures to rectify the budget deficit.
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