National Euro Changeover plan, proposed to be assumed politically until November 15, 2018

21 March

The National Commission to substantiate the National Euro Changeover Plan which will be set up according to an emergency ordinance adopted today by the Government, will prepare the timetable for Romania's entry into the Single Supervisory Mechanism and for the changeover to euro, as well as the necessary actions to prepare the Romanian economy and society and to ensure a real convergence.

In order to ensure broad representativeness, the Commission will bring together representatives of governmental public institutions with responsibilities in preparing the accession and the structural reforms unfolding, representatives of the Presidential Administration, employers' and trade unions confederations, the National Bank and the ASF, personalities of culture and science, academics, representatives of the NGOs and associative structures.

The National Commission to substantiate the National Euro Changeover Plan will be headed by the Prime Minister and the President of the Romanian Academy as co-presidents and by two vice-presidents, respectively the Governor of the National Bank (BNR)and the Vice Prime Minister appointed by the Prime Minister by decision .

Thematic working groups are set up under the coordination of the Commission, namely:

public finances and monetary and financial issues;
labor market, education and healthcare reform and modernization;
legislative aspects;
public information and consumer protection.

Until November 15, 2018, the National Commission will present for political assumption both the timetable for the changeover to the euro and the National Euro Changeover Plan, which will set out a series of concrete actions on several levels - technical, organizational, legal and comunication one.

 

More information:

The commitment to adopting the euro is an important anchor in promoting the budgetary and structural reforms needed to increase the flexibility of the Romanian economy.

For the switchover to euro, five nominal convergence criteria (the Maastricht Criteria) must be met and a legal criterion according to which the National Bank of Romania’s organization and functioning legislation must be compatible with that of the European Central Bank. Another requirement is the continuation of the process to take over and transpose Community legislation (legal convergence) into national legislation.

The euro currency has so far been adopted by 19 of the 28 EU Member States, Lithuania being the most recent member (January 1, 2015) of the eurozone group. Except Denmark and the United Kingdom, which resorted to the 'exemption clause', the other eight non-Eurosystem states, including Romania, committed themselves to adopting the euro once they meet the convergence criteria set by the Maastricht Treaty.



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