This country page is a centralised resource for the analytical work on the economy of Romania performed by DG ECFIN. It provides links to the most important pages and documents, such as the European Commission's regular economic forecasts and the country’s compliance with the Stability and Growth Pact.
Last update: 04/01/2012
The Commission publishes macroeconomic forecasts for the EU and the Member States twice a year, in the spring (May) and in the autumn (November). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN) and include a chapter on Romania.
DG ECFIN also produces more limited "interim forecasts" in February and September, which contain one-year projections of GDP growth and consumer price inflation for the euro area, the EU and seven large Member States.
>> Macroeconomic forecasts and interim forecasts
3.1. Assessments of Romania’s convergence programme
As required by the Stability and Growth Pact, at the end of each year Romania submits an update of the medium-term fiscal strategy it first presented in January 2007. Euro area Member states submit stability programmes while countries outside the euro area submit convergence programmes. Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on each programme.
3.2. The EU Excessive deficit procedure and Romania
Currently, Romania is subject to an excessive deficit procedure.
The Commission’s annual public finance report prepared by DG ECFIN – entitled " Public Finances in EMU" – includes comments on Romania.
Romania has not yet adopted the euro as its currency. It will join the euro area as soon as it fulfils the necessary conditions as defined in the 'Maastricht' convergence criteria. Progress toward meeting these criteria is assessed by the Commission and the European Central Bank in regular convergence reports.
As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, Romania reports each spring on the implementation of its national reform programme (NRP).
7.1. The EU and Romania
>> The Balance of Payments Programme for Romania. First Review - Autumn 2011 (Occasional Paper 22/12/2011)
>> Five years of an enlarged EU. Economic achievements and challenges (European Economy 1/2009)
>> EMU@10: successes and challenges after 10 years of Economic and Monetary Union (European Economy 2/2008)
>> Enlargement, two years after - an economic evaluation (Occasional Papers 24/2006)
7.2. Country focus on Romania
The Country Focus series produced by DG ECFIN provides a concise analysis, set within the broader economic and policy debate, of a topical economic issue concerning one or more Member State(s). Country Focus issues on Romania are listed below, the most recent first.
>> Romania: unwinding imbalances - need for fiscal consolidation (January 2009)
>> FDI in Romania: from low-wage competition to higher value-added sectors (February 2008)
>> Payment arrears in Romania: is a hard budget constraint yet to come? (October 2006)