Romania’s road to the Eurozone fenced by reforms carried in the next three yrs, central bank says

Romania should continue on its path to the Eurozone and abide by the calendar, but introducing the euro as planned in 2014 is confined by carrying out reforms in the next three years when Romania enters the hallway of the Exchange Rate Mechanism -2, the central bank governor said.rnrnRomania should prove ambition, more ambition cannot harm anybody, central bank governor Mugur Isarescu said today in a speech held in the Transylvanian city of Cluj-Napoca.rnrnThe country needs to carry out “real and professional” reforms to get through the Eurozone accession hallway, he added. Introducing the single European currency could be become an accelerator of future coherent policies, Isarescu said.rnrnAny member state of the European bloc should fulfill some convergence criteria under the Maastricht Treaty in order to be welcomed into the Eurozone. Among these are a budget deficit of 3 percent of the gross domestic product the most, a maximum public debt of 60 percent and an inflation rate of 1.5 percent the most. However, joining the Eurozone is preceded by a two-year waiting period when a country has to prove how stable it is.rnrnRecently the premier said the Cabinet has a strategy to fuel the country’s engine and speed up on the way to the Eurozone.rn