The Government gave up the target of switching to the Euro , at least for the time being.
The Convergence Program to be sent to the Commission will not include a new deadline for the adoption of the European currency.
According to official sources quoted by Mediafax, the program will include again such a target when Romania fulfills all the criteria.
Early this year, PM Ponta announced that Romania’s joining the Euro zone in 2015 was no longer a reliable deadline, but the objective should not be abandoned, the forecast for the process completion would be by 2020.
The entry into the ERM II, the European exchange rate mechanism is the pre-accession to the euro area accession.
Before joining the euro area, a country must meet the economic criteria included in the Maastricht Treaty, namely to be for two years in the ERM-2, where the national currency may only fluctuate within a range of plus-minus 15% against the euro.