BNR Warns Wrong Economic Decisions Could Cost Romania Decades; Euro Accession Remains Strategic Goal

Romania must maintain its commitment to adopting the euro, grounding economic policies in rigorous analysis to prevent missteps that could require decades to correct, according to Cosmin Marinescu, deputy governor of the National Bank of Romania (BNR).

Marinescu stressed the importance of basing economic decisions on thorough analysis, data, and a long-term outlook. He noted that poorly conceived economic policies can lead a country down detrimental paths, necessitating costly adjustments over extended periods. The deputy governor also highlighted the crucial role of young economists in enhancing Romania's institutional quality and economic competitiveness. They can contribute by engaging in long-term projects and adapting economic analyses to contemporary issues such as digital transformation, climate change, and innovation.

Joining the eurozone is identified as a strategic objective for Romania over the next decade. Marinescu stated that the country must continue efforts to adjust economic imbalances and meet nominal convergence criteria. He believes euro adoption would foster a stronger economy and improve living standards through a more efficient and expanded market, reduced and stable interest rates, and more robust financial reserves. Furthermore, it would solidify Romania's position within Europe's economic core.

The path to euro adoption requires sustained efforts to address economic imbalances and fulfill convergence criteria. Marinescu underscored that achieving this goal necessitates an economic trajectory that brings Romania closer to the stability and performance levels required for integration into a common monetary space. He views euro accession not merely as a currency change but as an integral part of a broader economic and institutional consolidation process.