This country page contains, or links to, DG ECFIN’s recent analytical work on the economy of Romania.
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).
A precautionary financial assistance programme for Romania was formally agreed in October 2013. It will provide an overall amount of € 4 billion, equally split between the EU and the IMF, until end-September 2015. This is the third time Romania benefits from EU financial assistance. The first programme (2009-2011) provided financing of 20 bn euros, of which 5 bn euros from the EU, and was fully disbursed. The second programme (2011-2013) provided precautionary assistance of 5 bn euros, including 1.4 bn from the EU, and was not drawn upon.
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.
Currently, Romania is not subject to an Excessive Deficit Procedure.
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 Commission (see the document in section 3.1).
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.
Romania is currently not covered by the Macroeconomic Imbalance Procedure.