A pro-European Union centrist pulled off an upset in Romania’s presidential election, beating out a hard-right nationalist who had channeled people’s anger at the political establishment to surge in the polls.

Defeating populists never signals an easy return to the status quo ante.

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.

Romanian, Portuguese and Polish nationals have been casting their ballots, with millions of Europeans taking to the polls on Sunday.

Romania’s finance chief said a new government will need to move quickly to fix state finances even after the election of Bucharest Mayor Nicusor Dan as president helped soothe market turmoil that’s engulfed the Black Sea nation.

Romanian political scientist and Oxford University lecturer Vladimir Bortun joins Bianna Golodryga to discuss the Romanian election and how Nicușor Dan defeated hard-right favourite George Simion.

When Romania's presidential election was annulled late last year after claims of Russian interference, a far-right conspiracy theorist was blocked from the top job.Many Romanians were deeply relieved;