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.

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,

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 centrist Nicusor Dan may have defied the odds to win the presidency, but now he faces an even more daunting task: forming a government that can implement years of painful austerity - and revenue-raising measures - to tame Europe's widest fiscal deficit.

Voters are choosing between hard-right Euro-sceptic George Simion and liberal mayor Nicusor Dan in a presidential run-off.

Romania has officially enacted a law allowing its armed forces to shoot down unauthorized drones entering national airspace, following a decree signed by interim president Ilie Bolojan on Monday, May 19.

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.

EBRD provides €180 million loan to Rivus Investments for major regeneration project in Romania’s second city, Cluj-Napoca