“Adopting the euro cannot replace adjustment policies,” he said. It is true that it would be beneficial for the Romanian society, just as complying with convergence criteria would be, but “wanting is one thing and being able is another,” according to Isarescu.
Early switching to the euro, without the necessary preparations, would create difficulties, because the country would be bound to give up its local monetary policy. “The monetary policy established by the ECB [European Central Bank] is inevitable. We will give up [the BNR policy] when we are ready. It is possible that, for this tiny section of the euro-zone, what is decided there is totally unsuited,” Isarescu added.
