Romania's national currency is the leu. After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. As of 2022, the only currency on the market is the leu and the euro is not yet used in shops. The Romanian leu is not part of the European Exchange Rate Mechanism (ERM II), although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover, Romania must undergo at least two years of stability within the limits of the convergence criteria. The current Romanian government established a self-imposed criterion to reach a certain level of real convergence as a steering anchor to decide the appropriate target year for ERM II membership and Euro adoption. In March 2018, the National Plan for the Adoption of the Euro scheduled the date for euro adoption in Romania as 2024. Nevertheless, in early 2021, this date was postponed to 2027 or 2028, and once again to 2029 in late 2021. History First changes in the Romanian currency Romania has been an open economy with free capital flow since September 2006, and with total foreign trade exceeding 75% of Gross Domestic Product (GDP) (Isărescu 2007). Romania's financial market is developing, and experts have noted a trend toward greater efficiency of stock exchange transactions. Consequently, inflows of portfolio investments appear likely to increase. This could become a resource to address the current account deficit. Remittances from Romanian people who work abroad are expected to maintain high levels in the short term. Nevertheless, the country's accession to the EU also gives rise to a new resource capable of covering the deficit, namely transfers from structural and cohesive funds to Romania, as a cohesion country that would be achieved starting in 2008. The first step required to prepare for the changeover of the leu to the euro took place at the same time as depreciation of the national currency. In 2005 the new Romanian leu was printed with the same physical dimensions as the euro in order to fit the Union's automatic teller machine (ATM) system. In 2006, the Romanian government announced that the new plan to join the ERM II (a prerequisite for euro adoption) would take place only after 2012