Romania plans to submit to the European Commission a programme on progress towards adoption of the euro, which for the first time will not have a target date.

As economic conditions in the EU deteriorate and as uncertainty grows over the prospects of the bloc, officials in Romania say the country is not ready to join the troubled single currency in 2015, as planned.

“Joining the eurozone is still a fundamental objective for Romania but we can’t enter poorly prepared, as this would be bad for us and for other members of the EU,” Prime Minister Victor Ponta said on Wednesday.

Recently, Ponta estimated that joing eurozone in 2020 would be a more realistic target.

To join the eurozone, a country must meet five criteria, including price stability, a reasonably balanced budget and a stable exchange and interest rate.

Analysts in Romania say accession was seen as a panacea. “The dreams were too high. Meeting the economic criteria for eurozone membership was a useful exercise, however, and keeping the budget deficit below 3 per cent of GDP was good discipline,” says economic analyst Cristian Donulescu.

Reports on Romania by the European Commission said Romania has yet to comply with some of the criteria needed to join the eurozone. The criteria in question are price stability, a more balanced budget, and a stable exchange and interest rate.

The country has reduced its public deficit below the 3 per cent of GDP – one of the entry conditions stipulated by the Maastricht Treaty. On the other hand, inflation in recent years was well above the 1-per-cent benchmark and is likely to remain well above that level.

Neighbouring Bulgaria decided last year to postpone plans to adopt the euro. In September, Sofia said it no longer saw the benefits of joining the troubled single currency, even though the country now satisfied all the criteria.