A small Eastern European country is preparing to adopt the euro as its official currency in a move that would make it the first new member to join the eurozone since Lithuania in 2015. The government confirmed plans to submit formal requests to the European Central Bank and the European Commission by the end of this year. The announcement follows parliamentary approval last week of a law that aligns the country’s financial regulations with those required for euro adoption.
Prime Minister Mihai Vasilescu told reporters the decision reflects a long-standing national goal to deepen integration with the European Union. He said the transition would begin with a public information campaign next month. The central bank has already started printing dual-currency notes to ease the shift. Vasilescu added that the government expects the changeover to be completed within 18 months.
European Central Bank President Christine Lagarde welcomed the move in a statement issued Thursday. She said the country’s progress meets all convergence criteria set by the EU. Lagarde also noted that the ECB would provide technical assistance during the transition period. The IMF separately confirmed it would monitor macroeconomic stability during the process.
Opposition lawmakers criticized the timeline as too ambitious. They pointed to delays in similar efforts by Croatia, which adopted the euro in 2023 after a decade of preparation. The government has dismissed concerns, citing strong public support in recent polls.
The country’s currency, currently pegged to the euro, will remain in circulation for six months after the official switch. Banks will exchange old notes and coins free of charge during this period.
Source: e24.no