Transition Experiences and Challenges in Romania

Abstract

I would like to give you a quick synopsis of the past ten years, say something about the current situation in Romania, then focus on the challenges that lie ahead of us, and finally present some conclusions. The past ten years have shown an overall record of mixed progress with uneven, and sometimes slow, reform implementation. Romania has had at least five distinct periods during the last ten years, including the first three or four years that were marked by very slow progress, especially on structural reforms, and by at least one failed macrostabilization program. However, Romania is getting there, albeit on a more costly and a more tortuous path than many other first-wave reformers.