Abstract. The issue of external macroeconomic imbalances – the case of Romania – arouses particular interest among policymakers, the business community, and citizens, considering the measures that should be adopted by the authorities to adjust these imbalances. This research aims to assess the key trends observed in Romania in the recent years in the context of the Macroeconomic Imbalances Procedure and to identify the specific challenges. The second part of the paper focuses on the macroeconomic imbalances indicators, using time-series data to assess the Romania’s situation within the European Union. Where possible, the assessed indicators were examined with the purpose of identifying the macroeconomic imbalances outlooks. Finally, the paper briefly presents the main conclusions of the analysis, as well as potential policy recommendations for mitigating macroeconomic vulnerabilities at the national level.

Keywords: European Semester, macroeconomic imbalances, current account deficit, budget deficit.