ABSTRACTED from Financial Times
By PHELIM MCALEER and STEFAN WAGSTYL

But, as Mr Geoana would be the first to admit, a country cannot be transformed in 12 months. Romania remains a poor country on the eastern side of the Balkans, far from the wealthy European Union and fairly remote even from the more successful ex-communist economies of central Europe. Along with Bulgaria it is at the bottom of the list of EU accession states in terms of preparation. The success of its bid for Nato membership is far from certain. Its international image is tarnished by reports of racism against Gypsies and, despite considerable recent improvements, of bad conditions in its children`s homes. Closer to home, Bucharest has improved relations with neighbouring Bulgaria. Under the auspices of the south-east Europe stability pact, the two states are building a second Danube bridge. Ties with Yugoslavia are improving following the overthrow of Slobodan Milosevic. Only with Hungary are there problems, chiefly over the position of Romania`s ethnic Hungarian minority.

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