Romania is located at the intersections of Central, Southeastern, and Eastern Europe. It is bounded by Bulgaria, Hungary, Ukraine, Serbia, Moldova, and the Black Sea. With an area of 238, 397 square kilometers, the country is the twelfth-largest in Europe. The country was established by the personal union of the states of Wallacia and the Danubian Principalities of Moldavia in 1859. The new state has been called Romania since 1866.
Romania has a high-income economy and is the 45th largest in the world in terms of nominal GDP. It relies heavily on services and in the production and export of machines and electric energy through Automobile Dacia, OMV Petrom, and more. In recent years, investment and local consumption have driven strong GDP growth and revenues from its macroeconomic activities have propelled a middle class as well as addressed poverty. However, rampant corruption and red tape have crippled the country’s business industry. Furthermore, in 2007 and 2008, Romania experienced inflation which was caused by strong consumer demand, the hike in energy costs, a high increase in wages, the leniency of fiscal discipline, and a drought that influenced commodity prices.
On January 1, 2007, the nation joined the European Union. In 2008, its GDP declined due to the effects of the global economic crisis and trade and in 2009, GDP contracted by more than 7%. As a result, the nation obtained emergency assistance from the IMF and other international financial institutions.
The Romanian leu is the country’s official currency, divided into 100 bani. The monetary unit was introduced in 1867 and was released in four series. The family of notes issued by the Ministry of Finance in 1877 was in cobalt blue and features the Roman Emperor Trajan on the watermark area. The second leu was introduced on August 15, 1947, replacing the old leu banknotes without prior notice. The currency revaluation was called the Marea Stabilizare or the Great Stabilization. The country revalued its currency again on January 28, 1952, and issued banknotes highlighting the penal code and the coat of arms on the obverse. The Fourth Leu was introduced in 2005 highlighting Romanian flora, a significant Romanian figure, and a monument or landmark.