Romania and the euro

Romania is required by its EU accession agreement to replace the current national currency, the Romanian leu, with the euro, as soon as Romania fulfills all of the six nominal euro convergence criteria. The leu is not yet part of the European Exchange Rate Mechanism (ERM II), of which minimum two years of stable membership is one of the six nominal convergence criteria to comply with to qualify for euro adoption. The current Romanian government in addition established a self-imposed criteria to reach a certain level of "real convergence", as a steering anchor to decide the appropriate target year for ERM II-membership and euro adoption. As of September 2015, the earliest feasible date for euro adoption in Romania is 2020, according to Romania's central bank governor Mugur Isărescu.

Romania and the euro

Romania is required by its EU accession agreement to replace the current national currency, the Romanian leu, with the euro, as soon as Romania fulfills all of the six nominal euro convergence criteria. The leu is not yet part of the European Exchange Rate Mechanism (ERM II), of which minimum two years of stable membership is one of the six nominal convergence criteria to comply with to qualify for euro adoption. The current Romanian government in addition established a self-imposed criteria to reach a certain level of "real convergence", as a steering anchor to decide the appropriate target year for ERM II-membership and euro adoption. As of September 2015, the earliest feasible date for euro adoption in Romania is 2020, according to Romania's central bank governor Mugur Isărescu.