Monday, May 12, 2008

UniCredit expects euro adoption in 2013-2014.

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UniCredit expects euro adoption in 2013-2014. The latest report of Italy ’s UniCredit Group named The Euro Goes East speculates that Bulgaria and Romania would adopt the common currency in 2013-2014. Meeting the inflation criterion is seen as the main challenge for the countries in the region in view of the price pressures lately. UniCredit Group expects also that Lithuania , Latvia and Estonia will start using the euro in 2011-2012 while Poland , Hungary and the Czech Republic will adopt the euro in 2012-2013. The EC concluded that Slovakia may start using the euro as of next year. PM Sergei Stanishev said at the end of last year that the most realistic scenario includes adopting the euro in 5 to 6 years. Fitch also projected that the country would adopt the euro in 2013 but warned that overheating may push up inflation further and delay the process. The strategy announced by the central bank relies on a quick euro adoption by 2010 without any changes to the present exchange rate peg of BGN 1.95583 for EUR 1. At present the country meets all criteria safe for inflation.

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UniCredit expects euro adoption in 2013-2014.

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