Mr Simion had been the favourite to win but lost to pro-EU candidate Nicusor Dan in the final vote over the weekend.

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,

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.

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.

Nicușor Dan swept to victory in Romania's presidential election on Sunday, defeating far-right nationalist rival George Simion with nearly 54 percent of the vote. Dan, 55 the centrist mayor of Bucharest and former mathematician who campaigned for an "honest" Romania,

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.