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Romania

This country page contains, or links to, DG ECFIN’s recent analytical work on the economy of Romania.

Economic situation

In 2015 the Commission made four country-specific recommendations to Romania to help it improve its economic performance. These are in the areas of: implementation of the programme; public finances, taxation and pensions; labour market, wage-setting, education and health; state-owned enterprises.

Economic outlook

The Commission publishes macroeconomic forecasts for the EU and the Member States three times a year, in the spring (May), in the autumn (November) and in the winter (February). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN).

EU Financial assistance

Romania benefitted from three consecutive Balance of Payments financial assistance programmes, all running in parallel with IMF stand-by arrangements. The first programme (2009-2011) provided financing of EUR 20 billion, of which EUR 5 billion from the EU, and was fully disbursed. The second programme (2011-2013) provided precautionary assistance of EUR 5 billion, including EUR 1.4 billion from the EU, and was not drawn upon. The third programme, also of precautionary nature, provided assistance of EUR 4 billion, EUR 2 billion of which from the EU. The latest programme ended on 30 September 2015 and, as the previous one, it was not drawn upon. Post-programme surveillance started on 1 October 2015. It will continue until at least 70% of the loan given under the first BoP programme has been repaid, i.e. at least until May 2018.

Fiscal surveillance

Assessments of Romania's convergence programme

As required by the Stability and Growth Pact, each spring Romania submits a convergence programme which presents an update of the medium-term fiscal strategy.

Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on the programme in the scope of the European Semester.

Euro area Member States submit stability programmes while countries outside the euro area submit convergence programmes.

The EU Excessive Deficit Procedure and Romania

Currently, Romania is not subject to an Excessive Deficit Procedure.

Macroeconomic surveillance

National reform programme

As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, Romania submitted a national reform programme (NRP) in spring, which was assessed by the Commissionpdf Choose translations of the previous link .

Macroeconomic Imbalance Procedure

The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place.

The annual starting point of the MIP is the Alert Mechanism Report: Based on a scoreboard of indicators and economic judgment, it is a filter to identify countries and issues for which a closer analysis (in-depth review) is deemed necessary. The outcome of these in-depth reviews forms the basis for further steps under the MIP.

An in-depth review for Romania has been carried out in:

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