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Romania envisages entering Banking Union by the end of 2015 and joining the euro area in 2019, said Romanian central bank governor, Mugur Isarescu

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2014-10-25 16:20

Romania envisages entering a special cooperation agreement with the Banking Union by the end of next year and joining the euro area in 2019, according to Romanian central bank governor, Mugur Isarescu.

He presented the expected Romanian macroeconomic outcomes in 2014:

– so far, slower-than-expected economic growth

– current forecasts average around 2.5%, as compared to the more optimistic forecasts (around 3%) at the beginning of the year

– the downward revision was triggered by poor investment activity, in both public and private sectors, while the available data indicate that the agricultural output will be as good as last year

– Average annual HICP inflation stood at 1.3% in September, level compliant with the Maastricht inflation criterion

– The fiscal deficit will remain below the Maastricht Treaty limit of 3% of GDP

– The current account deficit stood below 1% of GDP in 2014 H1, very close to the 2013 figure and well below the MIP scoreboard benchmark (4%)

– Given its macroeconomic fundamentals, Romania has the potential to grow sustainably in the medium run, yet actual outcomes depend on regional, European and global developments

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