Spot is liquid in both USD/RON and EUR/RON but EUR/RON is viewed as the economically correct way to take a view on the leu. Page 76 FUR/RON and USD/RON exchange rates 50 41 40 30 15 20 15 10 0.5 00 . . . . . 00 2004 2005 2006 2007 20012 2009 2010 2011 2012 2023 2014 2015 2016 2017 SO