Romania Meets One Condition For Euro Adoption So Far - EC Report

Romania meets one sole criterion for adopting the single currency so far, namely the criterion on the government budgetary position, according to a report published Wednesday by the European Commission.

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Romania and Bulgaria are included for the first time in an EC convergence report, aimed to assess the readiness of the new EU member states to adopt the euro.

According to the EC report, Romania does not fulfill the criteria on price stability, exchange rate, and the convergence of long-term interest rates.

"In the light of its assessment on legal compatibility and on the fulfillment of the convergence criteria, and taking into account the additional factors, the Commission considers that Romania does not fulfill the conditions for the adoption of the euro,” the report reads.

Bulgaria, which joined the EU on January 1, 2007, alongside Romania, managed to fulfill two criteria, namely the government budgetary position and long-term interest rates.

Romania plans to adopt the euro in 2014, but certain economic analysts expressed their skepticism on the issue.

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