Tuesday, November 17, 2009

Romania Targets ERM2 In 2012, Euro Adoption In 2015-Central Bkr

VIENNA -(Dow Jones)- Romania's timetable for adopting the euro hasn't changed as a result of the global crisis and the country's own need to rely on a large standby loan from the International Monetary Fund, a senior Romanian central banker said Monday.

Romania aims to join ERM2, the exchange-rate mechanism that European Union members must join for two years before adopting the single currency, in 2012, Christian Popa, deputy governor of the National Bank of Romania said.

Romania should then adopt the euro in January 2015, Popa said at a conference organized by the Austrian central bank.

Romania, like fellow EU members Hungary and Latvia, is relying on a financial- aid package brokered by the International Monetary Fund to help it avoid a balance-of-payments crisis.

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