Romania set to join euro zone in 2015

4:40 AM by Petar

Romania is to make every effort to join the euro zone in 2015 but admits that its entry will depend on developments in the single currency bloc currently struggling through a debt crisis, the government said on Monday.

An interministerial committee including Prime minister Emil Boc, several key ministers and the central bank governor Mugur Isarescu 'reaffirmed the target of joining the euro zone in 2015, as a means of harmonising macroeconomic policies and reinforcing discipline,' the government said in a press release.

However, 'the precise moment will depend on developments at a European and an international level, just as on the implementation of the structural reforms needed.' 'Romania is on the right track as far as its deficit, public debt and inflation are concerned,' Mr Boc said at the end of the meeting.

In order to join the euro zone, a candidate country must meet five criteria, including a budget deficit under 3.0 per cent and a low inflation rate.