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).
In May 2009 an agreement was reached between the Romanian authorities, the EU, the IMF and other international financial institutions to provide multilateral financial assistance to Romania with an overall amount of € 20 billion. The EU financial assistance (€ 5 billion) has been disbursed in 5 instalments, between 2009 and 2011. More information:
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.