Romania Could Join Eurozone Later Than Planned - Senator

Romania could join the euro area in 2016, one year later than planned, due to a prolonged recession, said Varujan Vosganian, head of the Senate’s economic committee and former finance minister.

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Speaking at an energy conference Wednesday, Vosganian said Romania might not emerge from recession until 2012 and the country won't be able to meet its self-imposed 2015 deadline for euro adoption.

A central bank official said last week that Romania is not likely to join the European Exchange Rate Mechanism (ERM) in 2012, a prerequisite for adopting the euro in 2015.

The central bank's chief said earlier this year that the institution should reexamine its target for euro adoption to see whether the deadline was still feasible, as weak economic performances could hinder Romania's plans to join the eurozone.

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