IMF Chief: Romania Could Miss Euro Adoption Target

Romania could adopt the European currency later than planned, but still needs to consolidate its monetary and fiscal policies to stay on track, the head of the International Monetary Fund said Tuesday in Bucharest.

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Dominique Strauss-Kahn, IMF Managing Director, said several states have delayed their euro adoption plans, including Poland, which changed its target year to 2014 from 2012.

European Union member states are not required to quickly adopt the single currency, but they must adopt it, Strauss-Kahn said.

Earlier Tuesday, the IMF chief said delaying the euro adoption by one or even two years might be a good thing for Romania.

Strauss-Kahn said larger deficits and higher indebtedness levels were necessary during the global crisis, but the economies must now face the challenges of lowering their debt.

He said the IMF insists of limiting the budget gaps in the future, so that governments are able to sustain their deficits.

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