Stop–go economic transition: The long road to a functioning market economy

On 25 April 2005 Romania signed its accession treaty with the EU, having been the last of the ten CEE applicants to conclude accession negotiations. The wrapping up of accession talks on 8 December 2004 came a matter of days before the fifteenth anniversary of the fall of Ceausescu, and was greeted with enthusiasm in Bucharest where the government reiterated its confidence that the country was firmly on course to join the EU (alongside Bulgaria) on 1 January 2007. Yet despite the festivities, Romania’s ability to adhere to the provisions of the acquis, particularly in areas related to the Single Market, was still being been seriously questioned. In fact, as already noted, the country was only granted ‘functioning market economy’ status by the Commission in October 2004.