(1)Romania has implemented a substantial reform programme since 2009. Under two balance-of-payments programmes, Romania has largely corrected its external macroeconomic imbalances. In addition, on 21 June 2013, the Council, by Decision 2013/318/EUnote, abrogated Decision 2009/590/ECnote on the existence of an excessive deficit in Romania. Fiscal consolidation should be continued in line with the Stability and Growth Pact requirements with a view to meeting the medium-term objective in 2015. The Government has regained full access to market-based financing and the exchange rate has been broadly stable since mid-2009.