The present formulation and implementation of macroeconomic policies in Romania was designed within the framework of the Government Programme for the period 2001-04 in line with the orientations of the Medium-term Economic Development Strategy worked out together with the European Commission in March 2000. Policy goals and specific measures were spelled out in the Pre-Accession Economic Programme for Romania presented to the European Commission in August 2001 and the Policy Memorandum agreed with the International Monetary Fund in the context of the recent Stand-by Agreement.