The adoption of the Euro by Romania - theoretical considerations

Author:Ioana-nely Militaru
Position:Department of Law, Bucharest University of Economic Studies, Romania, ioananelimilitaru@yahoo.com.
Pages:158-163
SUMMARY

The paper contains, first of all, aspects of the convergence report drawn up by the European Commission and the European Central Bank on the level of readiness of a Member State to join the euro area when there is an express request for it. The second part refers to several proposals for actions that Romania thinks should follow in order to adopt the euro, starting with the Convergence Report of... (see full summary)

 
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The adoption of the Euro by Romania - theoretical considerations
Associate professor Ioana-Nely MILITARU1
Abstract
The paper contains, first of all, aspects of the convergence r eport drawn up by the
Europea n Commission and the Europea n Centra l Bank on the level of readiness of a Member
State to join the eur o area when there is a n express request for it. The second pa rt refers to
several pr oposals for actions tha t Romania thinks should follow in order to adopt the eur o,
starting with the Convergence Report of the European Commission and the European
Central Ba nk of May 2018.
Keywords: euro, convergence r eport, convergence criteria , harmonization.
JEL Classification: K23, K33
1. Convergence Report of the European Commission2
The name "euro" was elected in 1995 by the European Council in Madrid.
The convergence report is the basis of the EU Council3 decision on the
fulfillment by a Member State of the necessary conditions for joining the euro area.
The adoption of the Euro by Romania is currently conditioned by the Convergence
Report (Commission) of May 2018, which highlights: the assessment of the progress
made by the Member States towards the adoption of the Euro, including Romania4.
The progress made is, in fact, the measure of meeting the necessary
conditions (criteria) for joining the Eurozone.
Convergence reports are published every two years or when there is an
explicit request from a Member State to assess its level of readiness for joining the
euro area, as was the case for Latvia in 2013.
The UK and Denmark are exceptions, while all other Member States have
the obligation to adopt the euro and to join the euro area. Therefore, the United
Kingdom and Denmark are not the subject of the report.
Those Member States which do not yet fulfill the necessary conditions for
the adoption of the euro are referred to in the TFEU as "Member States with a
derogation". These Member States have negotiated non-participation clauses under
1 Io ana Nely Militaru Department of Law, Bucharest University of Economic Studies, Romania,
ioananelimilitaru@yahoo.com.
2 European Commission - Information Sheet 2018 Convergence R eport: Evaluation of the progress
made by Member States towards the adoption of the euroBrussels, 23 May 2018;
http://europa.eu/rapid/press-release_MEMO-18-3827_ro.htm, consulted on 1.10.2018.
3 Radu Ştefan Ptru, Anumite consideraiuni privind personalitatea juridic a Uniunii Europene în
urma Tratatului de la Lisabona (Some Consider ations on the Legal Personality of the European
Union following the Treaty of Lisbon), in Consilier European, edited by the Department for
European Affairs no. 1/16 April 2010, p. 12 -16.
4 https://www.dcnews.ro/romania-zona-euro-comisia-europeana-romania-risc-major_545959.html,
consulted on 1.10.2018.

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