3.2.1 Sub-Periods of the Romanian Transition Process

Ianoș (2006) breaks the transition period in Romania (from 1989 up to now) down into five sub-periods. His distinctions are broadly in line with the division of Dăianu (2000), which distinguishes about four sub-periods until 1999 and sticks, as a central banker, to a more monetary approach.[1] However, before Romania could embark on its convergence path it endured two longer recessions of transitions, which were interrupted by a short period of artificial and unsustainable “growth”. The main achievement of the 1990s was the difficult build-up of new, democratic and market-orientated institutions as preconditions for economic recovery. The given outline follows the division of Ianoș but considers Dăianu and other sources likewise.

Footnotes

[1] Dăianu subsumes the years from 1990 to 1993 to a first sub-period of transition, while Ianoș splits them in two sub-periods. For the years 1993 to 1997 it works the other way round. Dăianu distinguishes a period from 1994 to 1996 and from 1997 onwards, while Ianoș accounts the years from 1993 to 1996 to the next sub-period. The two different approaches do not exclude but complete each other as they are rather a function of the different accentuations (Dăianu focuses on monetary issues and Ianoș on real sectors).