NATIONAL BANK OF ROMANIA

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NATIONAL BANK OF ROMANIA 42 Timetable for Euro Adoption  Timing of ERM2 entry is planned for 2012 in order to:  provide some monetary and exchange rate flexibility (for a limited time period) in order to further necessary and substantial structural adjustment  maintain motivation to carry out reforms in a timely manner and consolidate macro discipline  provide the possibility of setting the central parity based on a more accurate estimate of the equilibrium exchange rate after overcoming the peak in capital inflows (expected to stay high even subsequent to EU accession)  Timing configured to ensure ex ante likelihood of shorter necessary stay in ERM2 (min. 2 years), considering:  credibility provided by final stage of the process (adoption of the euro) and attendant spurring of adjustment  possible volatile capital movements amid restricted exchange rate flexibility during interim period  the inflation targeting framework, to which exchange rate movements should be clearly subordinated  Eurozone entry is planned for January 1, 2015 (euro adoption decision expected in 2014)