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Trenca, Ioan; Mihai, Bogdan; Curiman, Mihai
Procedia economics and finance, 2015, 2015-00-00, Volume: 32Journal Article
This paper analyses some of the economic issues related to Romania's ability to meet the Maastricht exchange rate criterion. Based on the experience of the countries which had already joined Euro zone, we identified that, beyond the standard fluctuation band of ± 15% officially required by ERMII, there is a strong preference for maintaining the exchange rate within a narrow band, with an upper margin of maximum +10 percent over the central rate. On this background, a hypothetical participation of Romanian leu in ERM-II over two-year period is assessed using the framework developed by the European Central Bank and the European Commission. Simulations performed on daily data series for the last 24 months indicate that the nominal exchange rate of RON was relatively stable within the standard fluctuation band. Nevertheless, it significantly deviated from the pattern exhibited by the currencies that had fulfilled this criterion. Downwards pressures that characterized the developments of Romanian leu as well as the spikes in volatility of the exchange rate could signal an intensity of tensions inconsistent with the above mentioned criterion.
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