JPMorgan said on Monday that an election win by Romania's centrist Bucharest mayor Nicusor Dan is reducing political risk ahead and that a sovereign ratings downgrade to below investment grade was now less of a concern.

The hard-right nationalist who lost Romania’s presidential election rerun says he has asked a top court to annul the election results

There was a wave of euphoria and relief across Europe following the election of pro-European liberal Nicusor Dan as Romania’s new president. Moldovan President Maia Sandu echoed the sentiment: “Congratulations,

But Romania's growth has steadily slowed since a post-pandemic bounce in 2021, and the European Commission forecasts its budget deficit at 8.6% this year and 8.4% in 2026, well above the government's 7% 2025 target outlined in a seven-year EU-approved plan.

A pro-European centrist has won Romania’s presidential election in a race seen as a key test of the country’s democratic direction

Centrist Bucharest Mayor Nicusor Dan is on course to win a presidential runoff vote over ultranationalist candidate George Simion, according to two exit polls, a result that is seen keeping Romania on its pro-Western path.

Romanian centrist Nicusor Dan may have defied the odds to win the presidency, but now he faces an even more daunting task: forming a government that can implement years of painful austerity - and revenue-raising measures - to tame Europe's widest fiscal deficit.