Romania does not meet any of the conditions needed for to adopt the euro, the European Commission has said.
The Commission assesses the progress of non-euro member states towards adopting the single currency, every two years.
In its Convergence report it said that „the Commission considers that Romania does not fulfil the conditions for the adoption of the euro,” the EU’s executive arm said on Wednesday.
Romania has high inflation, issues with public finance stability, the exchange rate criterion, and the convergence of long-term interest rates, the report said.
Romania has already missed or postponed several self-imposed deadlines on adopting the euro, although it has fulfilled most of the criteria in the past.
Romania has no official target year for joining the euro area.
Finance Minister Adrian Caciu recently said that 2029 could be a “viable target.”
Leader of Romania’s Social Democrats Marcel Ciolacu said this month that Romania wasn’t ready to join the eurozone and its priorities were joining the passport-free Schengen area and the Organization for Economic Co-operation and Development (OECD).
Romania joined the EU in 2007 and its currency is the leu.
European Commission renews call for admitting Romania, Bulgaria, Croatia to Schengen
