Romanian central bank to switch reference to euro

The Board of the National Bank of Romania (BNR) has decided to set the reference exchange rate for the Romanian currency against the euro starting in March this year.

BNR Governor Mugur Isarescu said on Wednesday 5 February that "this measure marks an important progress in Romania's EU accession process. In the short run, the switch to the euro involves only technical changes. The general framework of the central bank's monetary and financial policies (the controlled flexibility of the exchang