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By Ferry van de Mosselaer Its our challenge - together as allies and partners - to build the bridges to the next millennium from the Danube to the Potomac from the Black Sea to the Pacific Ocean and beyond wherever people believe in and fight for freedom Romanian President Constantinescu US Congress Session July 1998 Romania in the 21st Century Challenges and Opportunities in an Evolving Trans-Atlantic Environment Background Christmas day 1989 Romania removes itself from its dictator Ceausescu and in accordance to the rest of Eastern Europe its Communist regime This is the beginning of the so called transition period the period in which Romania is going to transform its complete political structure into a democratic republic and its command economy into a market economy From an almost fully state-owned economy with the private sector only contributing 128 to the GDP in 1989 to an international orientated market economy in the spirit of the EU in 2007 This capital slurping project for both sides EU and Romania has to be a beneficial investment What could be the economic added-value of Romania to the EU and what impulse can the EU give to the Romanian economy Romanian development The figures of the Romanian macro-economic development between 1989 and 1999 are not as progressive as maybe expected or they dont show the improvement they should have shown Private sector contribution nevertheless increased significantly to 615 in 1999 still the state-owned companies play a dominant role in several sectors Inflation rates have exaggerated with a 2561 inflation rate in 1993 as a maximum Unemployment increased from 30 in 1991 to 115 in 1999 although ILO International Labour Organization figures show a rate of 68 in 1999 and 71 in 2000 GDP growth rates were 6 out of 10 years negative with -129 in 1991 being the highest In the new millennium it recovered from its negative trend in the three previous
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