The Role of Cohesion Policy in the Decision to Adhere to the Euro Area

The fulfillment of the nominal convergence criteria by a certain member country of the EU constitutes a necessary, albeit not sufficient condition to adhere to a monetary union. Essential are the progresses in the process of real convergence, because these are, in a large measure, able to ensure a growth in the economy’s flexibility and a higher concordance of business cycles. The adoption of the sole currency implies, beforehand, finding other methods of economical adjustment, as a consequence of the renunciation of the internal monetary policy. Some of these can be the result of structural fund allocation through cohesion policy. Thus, Romania’s decision to adhere to the euro zone in 2014, after it would have been able to access the Community’s financial assistance in the 2007-2013 period, is explained.