On April 5, 2007, Standard&Poor's Ratings Services revised its outlook on the Republic of Romania to stable from positive. At the same time, the 'BBB-/A-3' foreign currency and 'BBB/A-3' local currency sovereign credit ratings on Romania were affirmed. The outlook revision reflects the protracted lack of political visibility since the beginning of 2007, which comes at a time when policy challenges remain significant, both in relation to the structural reforms required to make the most of EU membership, and to the containment of growing demand-driven external imbalances. EU accession ushered in a period of heightened political uncertainty in Romania. Multiple tensions, both within the executive and between the parliament and the executive, have occupied policy-makers. After three months
