Romania rides the second wave

The prospect of next month's European Commission decision on EU membership for Romania has concentrated the minds of the country's politicians and bankers. A flurry of reforms have been accompanied by an acceleration of privatization to get the country into shape for a 2007 accession target.

THE NEXT FEW months will provide key tests of the progress Romania has made in a long transition – from eastern Europe’s most dysfunctional political economy in the 1980s, through a laggardly position in the regional reform process in the 1990s, to the prospect of acceding to the European Union in a few years’ time.

In October, the European Commission, having long ago rejected Romania for entry in May this year, will decide whether or not to approve its application for accession in 2007.

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