In this context, a high enough level of real convergence (in addition to the compliance with the nominal convergence criteria) is needed when joining the euro area, to limit the costs associated with losing monetary policy independence. A high enough level does not mean that we are so ambitious as to aim for a convergence level of 90% of the Eurozone average or a level equal to that of Germany (as is the case with certain approaches put forward in Hungary or Poland). However, we need to achieve a real convergence level of at least 70–75 percent of the Eurozone average. Otherwise we would be insufficiently developed and, therefore, vulnerable to asymmetric shocks and unable to synchronise our business cycle with that of other euro area economies. However, we must take care that the level of convergence increases in a sustainable manner. We should be able to preserve the pace of this process, and once steps forward have been made, we may not stop or go backwards. Past achievements in nominal and real convergence, while significant, do not guarantee future success. To this end, allow me to bring up an old, but reliable principle. The Latin saying festina lente is perfectly suitable in this case: hurrying in a slow manner, if I can say so, on the convergence path means achieving a sustainable pace in the medium and long term. In other words, we need to be a marathoner, and not a sprinter.
Our commitment to join the euro area is indisputable, yet this process has to be managed in a very careful manner. 2. FINDING THE RIGHT BALANCE BETWEEN CONSUMPTION AND INVESTMENT During recent years, the contribution of investment to growth was smaller than it should have been, with consumption spending being the main driver of GDP dynamics. Welfare has increased markedly, but the concern for rendering these welfare gains sustainable should prompt a switch to policies aimed at fostering investment, thus boosting the productive potential of the economy. A short-term focus on economic policies and paying no heed to accumulating macroeconomic disequilibria ought to be avoided, as they eventually lead to suboptimal outcomes. The adequate approach is to ensure a rebalancing between consumption and investment, not by discouraging consumption, but by stimulating investment. This is also a way to reduce development gaps between Romania’s regions. Indeed, the EU accession acted as a catalyst for real convergence at country level, yet development imbalances in Romania did not decrease significantly. Romania currently has regions that are similar in terms of living standards and development levels to Western economies, while some other areas are considerably lagging behind: in 2017, the wealthiest region in Romania was almost four times richer than the poorest one (based on regional per capita GDP). Therefore, even though the EU membership has acted as a catalyst for country-level real convergence, the 2/4  BIS central bankers' speeches  development gaps across the regions of Romania have actually increased.