Rumunjska: od mećkara do zemlje predvodnice Balkana

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If a country acquires eurozone membership before it is ready, there exists the danger of an economic catastrophe — as Greece, Romania’s fellow Balkan state, can testify. Nonetheless, 19 of the EU’s present 28 states are in the currency union. With the UK poised to leave the EU in March 2019, Romania is set to be part of a shrunken group of eight non-eurozone states. Their voices may be heard less loudly in Brussels, Berlin and Paris. This prospect is of obvious concern to Romanian policymakers — and they would do well to learn the lesson of Greece’s experience. A year before it adopted the euro in 2001, Greece was deemed to fulfil the EU’s headline criteria for eurozone entry, covering inflation, budget deficits, public debt, exchange rate stability and long-term interest rates. Yet none of this put Greek membership of the eurozone on a solid, durable foundation. Neither would it, for the foreseeable future, in Romania’s case.

Toliko o uvođenju eura

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As Greece discovered, eurozone membership exacts a punishingly heavy price from a country where state institutions and the law are hostage to political party interference and where a system of clientelism operates in which government contracts are awarded only to those with the right connections.