Originally designed as an in-house work unit with an advisory role and dedicated to analysing the aspects related to euro adoption, the Committee for Preparing the Changeover to the Euro at the National Bank of Romania (“Committee”) became, starting 2011, a genuine platform for discussions, given that representatives of other public authorities were invited to attend its meetings.

Specifically, the current objectives of the Committee envisage conducting a more in-depth and broader analysis within the NBR and keeping the Board members and the heads of central bank departments adequately informed about the aspects related to euro adoption, on the one hand, and developing an inter-institutional dialogue with a view to raising awareness of the competent authorities about the fiscal and structural reforms for rendering the Romanian economy more flexible and taking the necessary steps for the changeover to the euro, on the other hand.

The Committee was set up in February 2010, when it comprised around 40 persons, including Board members, heads of central bank departments ensuring the direct fulfilment of the central bank’s basic functions, as well as a significant number of advisers and experts. The broader structure was meant to make it possible for an as large as possible number of decision-makers to be informed, on a regular basis, about the key international and domestic developments that may have an impact on euro adoption by Romania.

Inter-institutional dialogue was fostered and developed by inviting, based on the topics on the agenda, representatives of the Ministry of Foreign Affairs, the Ministry of Labour and Social Justice, the Ministry of Justice, the Ministry of Energy, the Ministry of Economy, the Ministry of Transport, the Ministry of Communications and Information Society, the Secretariat-General of the Government and the Presidential Administration to attend and participate in the meetings of the Committee starting 2011. Furthermore, since October 2010, the Committee has invited representatives of the Ministry of Public Finance and the National Commission for Prognosis to attend its meetings on a permanent basis. They have played an active part in the progress of the Committee’s works by providing analyses and briefings in their specific field of activity. Since its establishment, the Committee has convened, on average, six times a year, with the large number of delivered presentations making up a precious source of information that can be made available to policy-makers.

Generally, the topics discussed by the Committee focus on:

• the experience of other EU Member States in preparing the changeover to the euro;
• Romania’s progress towards euro adoption;
• new mechanisms and concepts developed across the European Union in the area of economic governance and EMU consolidation; and;
• documents issued by the European Commission, the European Central Bank and the Government of Romania concerning convergence towards the euro area of Member States with a derogation.