consulate(s) general: Chicago, Los Angeles, and New York
Diplomatic representation from the US: chief of mission: Ambassador
James C. ROSAPEPE
embassy: Strada Tudor Arghezi 7-9, Bucharest
mailing address: American Embassy Bucharest, Department of State, Washington, DC 20521-5260 (pouch)
telephone: [40] (1) 210 40 42
FAX: [40] (1) 210 03 95
branch office(s): Cluj-Napoca
Flag description: three equal vertical bands of blue (hoist side), yellow, and red; the national coat of arms that used to be centered in the yellow band has been removed; now similar to the flag of Chad, also resembles the flags of Andorra and Moldova
Romania Economy
Economy - overview: Romania, one of the poorest countries in Central and Eastern Europe, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Over the past decade economic restructuring has lagged behind most other countries in the region. Consequently, living standards have continued to fall - real wages are down over 40%. Corruption too has worsened. The EU ranks Romania last among enlargement candidates, and the European Bank for Reconstruction and Development (EBRD) rates Romania's transition progress the region's worst. The country emerged in 2000 from a punishing three-year recession thanks to strong demand in EU export markets. A new government elected in November 2000 promises to promote economic reform. Bucharest hopes to receive financial and technical assistance from international financial institutions and Western governments; negotiations over a new IMF standby agreement are to begin early in 2001. If reform stalls, Romania's ability to borrow from both public and private sources could quickly dry up, leading to another financial crisis.