A 1.15 EUR/USD rate is seen as a fair value at this point in the global financial crisis, according to Pasquale Diana, chief executive Morgan Stanley for CEE region.

“If we look at the prospects for the performance of the European currency, we must not ignore the benefits of a weaker euro. I think it is very likely to see the currency trade against the dollar well shy of the 1.15 area. In my view, the euro has the strength to survive the crisis, but if the region keeps its sense of unity, the fiscal rules will be changed,” said Pasquale Diana at the Financial Forum, organized by Forum Invest.

Morgan Stanley official said Romania’s euro entry goals are likely to be delayed due to the severity of the crisis that hit the euro countries.

“The area is undergoing a difficult process, and the European Union could halt euro adoption for EU members, at least until the intra-euroland problems are solved. But not even the members have shown a clear determination to make the currency switch”, said Pasquale

Romania has committed to join the euro area on January 1, 2015, although it is still short of Maastricht convergence targets.