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Romania's national currency is the leu / RON.After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. [1]
Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
In 2014, Romania's Convergence Report set a target date of 1 January 2019 for euro adoption. In April 2014, Romania had met four out of the seven criteria for accession to the Eurozone. [ 9 ] In recent years, however, Romania had made step backs regarding the adopting of the euro; the 2020 Convergence Report concluded that Romania does not meet ...
Romania have appeared at six UEFA European Championships between 1984 and 2024. Their best performance so far was reaching the quarter-finals of Euro 2000 , when they were eliminated by eventual tournament runners-up Italy .
Romania signed its Europe Agreement in 1993, [2] and submitted its official application for membership in the EU on 22 June 1995 and Bulgaria submitted its official application for membership in the EU on 14 December 1995, the third and the fourth of the post–communist European countries to do so after Hungary and Poland.
Romania: Leu (RON) Free floating 2007-01-01 None ERM-II by 2026 and euro by 1 January 2029 [29] [30] [31] Not compliant with any of the 5 criteria Sweden: Krona (SEK) Free floating 1995-01-01 None Not on government's agenda [32] Compliant with 2 out of 5 criteria Rejected euro adoption by referendum in 2003. Still obliged to adopt the euro once ...
In September 2011, a diplomatic source close to the euro adoption preparation talks with the seven remaining new member states who had yet to adopt the euro at that time (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their ...
The name euro was officially adopted on 16 December 1995 in Madrid. [16] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743 at the time). Physical euro coins and banknotes entered into circulation on 1 January 2002, making ...