Romania, the EU and the Euro
Posted by jonathanfryer on Friday, 30th September, 2011
Despite all the woes the Eurozone has been going through, Romania is still keen on changing to the single currency and anticipates it will be ready by 2015. That point was made clear by Ambassador Ion Jinga at a Federal Trust seminar on the EU Economy: Lessons Learned by a Newcomer, held at the Romanian Cultural Institute in London’s Belgrave Square. The newest (along with Bulgaria) of the EU’s 27 member states, Romania has made giant strides since joining in 2007, as Radu Serban, one of the key speakers at the seminar, underlined. Wages are still low compared with the rest of the Union, but the country has rich resources, not least agriculture, which could become increasingly important if the world experiences a food crisis in a few years time, as some experts predict. A new EU member state has to be proactive, Mr Serban argued, explaining his country’s assertiveness. But he was advised by another speaker, the financial pundit David Marsh, that it might be prudent for Romania to wait a little longer before pressing its case to join the euro. ‘The euro is a type of seduction machine,’ David warned — though the Romanians present still seemed ready to be seduced.