AN EVALUATION OF THE MONETARY POLICY DURING 2006-2008

Floarea Iordache
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Floarea Iordache: Centre of Financial and Monetary Research " Victor Slavescu", Romanian Academy, Bucharest

Studii Financiare (Financial Studies), 2009, vol. 13, issue 1, 121-130

Abstract: The accession of Romania to the euro zone presupposes the adoption of the strategic program of convergence. In agreement with the first National Program of Convergence approved by the Government of Romania together with NBR (2006), the adoption of the single currency is set for 2014. This interval has been considered necessary to achieve the nominal convergence and to provide for it sustainability by the sufficient progress of the real convergence. The National Program of Convergence draws both the economic framework, and the steps to be taken until Romania adopts the euro. If 2014 is the official target for the adoption of euro, then Romania must meet by 2012 the Maastricht criteria of nominal convergence, after it will join for at least two years ERM II. The monetary and the exchange rate policies have a very strong impact on the process of adopting the euro. After the accession to the Economic and Monetary Union (EMU), the independence of the monetary policy and the exchange rate mechanism will no longer be used as means of adjusting the economic misbalances.

Keywords: monetary policy; inflation rate; interest rate (search for similar items in EconPapers)
JEL-codes: E52 (search for similar items in EconPapers)
Date: 2009
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