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Daniel Daianu: Romania can access the euro in a minimum of nine years if the economy grows by 5%

If the Romanian economy grew at the same rhythm as now  we would access the euro zone in 13 years. If we had a growth of 5% we would need nine years, stated on Friday Daniel Daianu, member of the National Bank of Romania (BNR) Board. He said that we have the lowest fiscal income in the EU.

‘There is long way to structural convergence which should justify our wish to access the euro, so this step could be taken. We propose a minimum  of convergence of 75% of the EU average. The real  stake is in what conditions and how we do the accession. The crisis reduced the rate of growth of the Romanian economy. There are indicators of competitiveness  which show that we are behind. We tried to estimate the period of time for real convergence. There is a time to cover the real convergence. If we had growth at the same rhythm as now we would get to 75% in 13 years. If we had a growth of 5% we would need nine months for accession’ stated on Friday Daniel Daianu, member of the BNR board at the scientific session ‘ Romania in the EU’ organised by the Romanian Academy.

He presented the study ‘Romania and accession to the euro zone: the question is how’   whose authors are Daniel Daianu, Ella Kallai, Gabriela Mihailovici and Auro Socol.

‘We have the lowest fiscal income of the EU. Ony 26% to finance education, health, to ensure the capacity for defence of the country, to pay the people who work in the public system decently. Fiscal evasion has become the chronic feature of Romania. We should go back to the global statement of the income which the citizens have’ Daianu said.

He also said that we need strong institutions and good management of the public money. ‘ Private money not only the public  one is spent wrongly. Similary, we need a fiscal reform  and fiscal discipline’ the BNR representative said.

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