The World

By Stefan Wagstyl, eastern Europe editor

Small European countries generally make international news only when they get into trouble, as crisis-hit Latvia has found to its cost.

With 22m people Romania is not small by European standards, but it is poor and far removed from the European Union’s heartlands.

It last made global headlines when the dictator Nicolae Ceausescu was overthrown 20 years ago. Now Romania risks returning to the front pages if its leaders don’t sort out its crisis-linked economic difficulties. The problem is not the economy per se  – Romania has an International Monetary Fund/European Union rescue programme and a range of proposed reforms to go with it.

The problem is politics. The leaders are hopelessly split. On Sunday, president Traian Basescu won a second term in office by the narrowest of margins, beating Mircea Geoana, his challenger, by 50.3 per cent to 49.7 per cent. Now he must form a government capable of winning a parliamentary majority, to replace his last, which collapsed two months ago.

But the head-strong president is no consensus builder. He has in recent years tried almost every possible coalition combination. The former sea-captain must overcome his me-first instincts soon. Or the good ship Romania will founder on the economic rocks. The IMF may be ready to wait patiently for better times. The markets will not.

Related reading:

East Europe stays on road to change, despite bumps FT
Lex on central and eastern Europe FT
Video footage spices up race for Romania’s presidency FT