Romania and the euro

Romania's national currency is the leu / RON. 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. As of 2026, the only currency on the market is the leu and the euro is not yet used. 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 previous Romanian government adopted a self-imposed benchmark for achieving a certain level of real convergence, using it as a guiding reference to determine the appropriate target year for ERM II membership and eventual euro adoption. In March 2023, it set the goal of joining the eurozone’s “antechamber” (ERM II) in 2026 and adopting the euro in 2029. However, these self-imposed targets are outdated and unrealistic, as Romania’s large fiscal deficit is unlikely to allow the country to join the eurozone before 2030, at the earliest.