Romanian President Urges Consensus on Euro

President Klaus Iohannis said a "national consensus" was needed in Romania about joining the eurozone, as was "a rigorous calendar of economic, monetary, legislative and institutional measures.

"That's why we should soon start consultations with all political parties to reach a consensus on this issue," he added.

Iohannis spoke after Thursday's meeting with Prime Minister Victor Ponta, Finance Minister Eugen Teodorovici and central bank Governor Mugur Isarescu, where all three discussed Romania's objective of joining the euro area.

They agreed that a committee should be created to coordinate the project.

In February 2014, Romania set 2019 as the new deadline to join the single currency area, after the authorities abandoned the previous target date of 2015.

A European Commission report on euro-area convergence released in June said Romania and some other EU member states, Bulgaria included, were not ready to switch to the single currency.

While the two Balkan countries meet some of the macroeconomic criteria needed to join the euro zone, on public finances and long-term interest rates convergence, their economies continue to experience macroeconomic imbalances. Their business environments also underperform when compared to most eurozone member states.

However, Romania has reduced its public deficit below the level of 3 per cent of GDP, which is one of the key conditions for joining.

On the other hand, inflation in Romania in recent years has been well above the 1-per-cent benchmark and is likely to remain above that level.

To adopt the euro, a country has to have government debt no higher than 60 per cent of its Gross Domestic Product, a budget deficit below 3 per cent of GDP, low inflation and interest rates...