Continuing reforms and securing a prudent fiscal policy arevital, Jean-Claude Trichet, European Central Bank president, toldpoliticians at the concert the NBR offered on Sunday evening at theRomanian Athenaeum on the occasion of its 130th anniversary.
However, Trichet made no reference to euro adoption, at a momentwhen Bucharest authorities are openly talking about the need toreconsider the euro zone integration calendar.
Fiscal slippage is now the main hurdle in the way of euro adoption,considering the budgetary gap planned for this year stands at 6.8%,against the 3% limit accepted for candidate countries.
"Addressing economic policy errors is painful all over the world,many times hard to understand by the public and inherently late.Romania's durable, sustainable development depends on the coherenceof economic policies, and the euro adoption strategy can be thecatalyst insuring this coherence," said NBR governor Mugur Is`rescuin his speech before the concert at the Athenaeum.
ECB head congratulated Is`rescu for his monetary policy decisionsduring such a difficult period and for his contribution tofinancial stability, through a close supervision of the bankingsystem.
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