By contrast, Romania pursues both a floating exchange rate and a direct inflation targeting strategy, the same as Hungary, Poland and the Czech Republic and, therefore, the approach is different, the changeover to the euro being more complex in this context. This is by no means to say that Romania is sceptical about euro adoption, but merely that it needs a comprehensive view, meant to ensure an adequate timing of this moment and a successful entry into the euro area. While we are on the subject, it cannot be overlooked either that the New Member States having adopted the euro – Latvia, Lithuania, Estonia, Slovakia, Slovenia – are relatively small countries, with a different level of real convergence. Referring to countries that are currently in the process of adopting the euro, I myself am among those who stress the need for sustainable convergence, being aware that, in order to reap the benefits of euro area accession, several essential prerequisites have to be cumulatively met. The fact that nominal convergence criteria need to be fulfilled in a lasting – not accidental, forced or temporary – manner is just one aspect. Actually, the durability of convergence has been set forth in the Maastricht Treaty itself (“high degree of sustainable convergence” is the exact wording), but this “detail” has been taken too lightly for a while. Moreover, now it is obvious for everybody that real convergence is also essential for the sustainability of the entire process of euro adoption.
Mugur Isărescu: Convergence towards euro enlargement Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the Conference "The Danube Triangle", Bucharest, 25 October 2018. * * * Distinguished guests, Ladies and gentlemen, Allow me to welcome you to the National Bank of Romania. It is the seventh time that the National Bank of Romania hosts an ELEC Conference. It started in 2011 with “Renewable energy and transport infrastructure in the Black Sea Region”, a year later we talked about “Eastern Europe and the EMU: finding the optimal path for introducing the euro“. In 2013 there was the 3rd edition of the Danube Financing Dialogue. The following year the dialogue focused on “Agriculture and environmental protection in Central and Eastern Europe and their contribution to growth and employment“. In 2016 we discussed on “How the EU can generate a virtuous circle in the Black Sea Region – the case of food and energy security” and last year we debated on “the challenges for Eastern Europe in the present turmoil in the EU and EMU – persevering in the reforms and investing for the future”. As one could notice, the topics previously discussed during all ELEC Conferences have most certainly cast a new light on possible ways to handle the challenges ahead of us. The European League for Economic Cooperation has stood out, ever since its foundation in 1946, as an independent network of business people who put their knowledge and influence together to extend European integration.