Romania Should Reconsider Euro Adoption Calendar, President Says

Romanian President Traian Basescu said Wednesday on public radio he thinks authorities should rethink the country’s euro adoption calendar, as the country has not yet resolved its structural deficits problem.

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Basescu said Romania could meet eurozone entry criteria, namely a deficit of maximum 3% and a public debt of less than 60% of GDP by 2014, but the country's economy and finances may not be strong enough by then to deal with euro entry.

"Personally, I think the country's euro adoption calendar must be reexamined because we haven't solved our structural deficits," Basescu said.

Romania's central bank governor Mugur Isarescu said last week the central bank must reexamine its self-imposed target for euro adoption to see if the deadline is still feasible.

Romania wants to adopt the euro in January 2015, but its plans might be put off because of weak economic performance.

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