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Romania aims to join eurozone in 2024 - PM

Romania aims to join eurozone in 2024 - PM Bragin Alexey/Shutterstock.com

BUCHAREST (Romania), January 30 (SeeNews) - Romania's prime minister Viorica Dancila said on Wednesday that the government has adopted a plan for the country's entry into the eurozone in five years.

The National Plan for the adoption of the euro will have to be voted by the Parliament and then sent to the European Commission, Dancila said in a televised statement ahead of a government meeting.

The government started working on the plan in March.

In May, the European Central Bank (ECB) said that Romania needs stability‑oriented economic policies and wide‑ranging structural reforms in order to meet convergence criteria for eurozone entry.

"To enhance growth prospects and competitiveness, it is essential to advance structural reforms, including the fight against corruption, and to enhance the quality and efficiency of the public administration, the country’s institutions and the judicial system," ECB said at the time in its biennial Convergence Report.

Both the ECB and the European Commission issue convergence reports describing the progress made by EU member states, which are not members of the eurozone, towards fulfilling the criteria necessary for a country to adopt the euro.

Romania committed to adopt the euro upon its accession to the European Union in 2007.

(1 euro = 4.7555 lei)

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