After the collapse of the Soviet Bloc in 1989-91, Romania was left with an obsolete industrial base and a pattern of industrial capacity wholly unsuited to its needs. For the next few years the country lagged behind most of its neighbors in the pace of restructuring. Then in February 1997, Romania embarked on a comprehensive macroeconomic stabilization and structural reform program. The domestic foreign exchange market was freed, and controls on current-account convertibility were removed in October. Restructuring programs include liquidating large energy-intensive industries, and agricultural and financial sector reform.
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