Overview of the relationship between Romania and the Euro
Eurozone participation
European Union member states
(special territories not shown)
20 in the eurozone
1 in ERM II, without an opt-out (Bulgaria)
1 in ERM II, with an opt-out (Denmark)
5 not in ERM II, but obliged to join the eurozone on meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden)
Non–EU member states
4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City)
2 using the euro unilaterally (Kosovo and Montenegro)
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Romania's national currency is the leu. 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] As of 2023, the only currency on the market is the leu and the euro is not yet used in shops. The Romanian leu is not part of the European Exchange Rate Mechanism (ERM II), although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover, Romania must undergo at least two years of stability within the limits of the convergence criteria.
The current Romanian government established a self-imposed criterion to reach a certain level of real convergence as a steering anchor to decide the appropriate target year for ERM II membership and Euro adoption. In March 2023, the government set the target to enter the antechamber of the eurozone (ERM-II) to 2026 and the target for euro adoption to 2029.[2][3][4]
^"CONSOLIDATED VERSION OF THE TREATY ON THE FUNCTIONING OF THE EUROPEAN UNION".
^Smarandache, Maria (20 March 2023). "Romania wants to push euro adoption by 2026". Euractiv.com. Retrieved 27 February 2024.
^Smarandache, Maria (24 March 2023). "Iohannis: No 'realistic' deadline for Romania to join eurozone". Euractiv.com. Retrieved 29 February 2024.
^Balázs Márton (20 March 2023). "Románia előrébb hozná az euró bevezetését" [Romania would advance the introduction of the euro]. Telex.hu (in Hungarian). Retrieved 29 February 2024.
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