Euro states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day. The procedure used to fix the conversion rate between the Greek drachma and the euro was different, since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand. The currency was introduced in non-physical form (traveller's
Romania and the euro ready to join the ERM II before 2013–2014. EIU analysts suggested in May 2012, that 2016-2017 would be the earliest realistic dates for Romania's adoption of the euro. However, in October 2012, Valentin Lazea, the NBR chief economist, said that "the adherence of Romania to euro currency in 2015 is difficult for Romania". The governor of the National Bank of Romania confirmed in November 2012, that Romania would not meet its previous target of joining the eurozone in 2015. He mentioned that it had been a financial benefit for Romania to not be a part of the euro area during