Is 2015 too soon for euro adoption in Romania? Learning from the case of the pigs nations

AuthorDemeter, T.
PositionPhD. Student, Dept. of Marketing, Tourism and International Relations, Transilvania University of Brasov
Pages175-186
Bulletin of the Transilvania University of Braşov • Vol. 6 (55) No. 1 - 2013
Series V: Economic Sciences
IS 2015 TOO SOON FOR EURO ADOPTION
IN ROMANIA? LEARNING FROM
THE CASE OF THE PIGS NATIONS
Timea DEMETER
1
Abstract: The date at which Romania will a dopt the Euro is a topic that
was subjected to a lot of contr oversy. F irst becau se the initia l date of 2014
was postponed, secondly because meeting the convergence criteria doesn’t
necessary mean a successful accession to the Eurozone. Considering the case
of the P IGS na tions, which all hadn' t met the convergence criteria , their
economy got in a very delicate state after a dopting the new cur rency. Based
on their ca se and economic forecast, 2015 might be too ea rly for Romania to
join the Eurozone.
Key words: Eurozone, PIGS nations, convergence cr iteria, 2015.
1 PhD. Student, Dept. of Marketing, Tourism and International Relations, Transilvania University of Braşov.
1. Introduction
The issue of Euro adoption has been a
much debated topic all around Europe.
Because of the economic crisis, and
because not all the countries managed to
meet correctly the euro adoption criteria,
the economy of these countries was very
affected.
As a part of joining the European Union,
Romania has to make the next step, more
precisely the monetary union. Which
means that our country has to join the Euro
zone by 2015. Date that has been
recalculated because Romania hasn’t met
yet the Maastricht criteria.
Taking into consideration the unstable
economic situation in our country, and the
problems that the PIGS countries are
facing after adopting the Euro, we can’t
help to ask ourselves the question: Is 2015
too soon?
This question has been answered by the
skeptics as impossible, while the optimist
say that not only it will happen, but it’s a
necessity for Romania, and that it will
bring positive changes. Although many
forget to think on the long run, and realize
that adopting the Euro is not the end of all
our problems, but more like a beginning
because once adopted, the economy has to
sustain it and has to face the competition of
the European market.
So I will try to discuss this question
based on the PIGS countries experience,
and their economic situation before and
after euro adoption, together with
analyzing the evolution of the convergent
criteria indicators in Romania, and the
factors that might influence these
indicators.
2. The case of the PIGS Countries
Whenever it comes to learning, or to
predicting something, the best way to do it
is by learning from the mistakes of others.
This is the reason why studying the case of

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