structural:summarization, stylistic:style_transfer
NATO and EU integration

After the end of the Cold War, Romania developed closer ties with Western Europe and the United States, eventually joining NATO in 2004, and hosting the 2008 summit in Bucharest. The country applied in June 1993 for membership in the European Union and became an Associated State of the EU in 1995, an Acceding Country in 2004, and a full member on 1 January 2007.

During the 2000s, Romania had one of the highest economic growth rates in Europe and has been referred at times as "the Tiger of Eastern Europe". This has been accompanied by a significant improvement in living standards as the country successfully reduced domestic poverty and established a functional democratic state. However, Romania's development suffered a major setback during the late 2000s' recession leading to a large gross domestic product contraction and a budget deficit in 2009. This led to Romania borrowing from the International Monetary Fund. Worsening economic conditions led to unrest and triggered a political crisis in 2012.

Near the end of 2013, The Economist reported Romania again enjoying "booming" economic growth at 4.1% that year, with wages rising fast and a lower unemployment than in Britain. Economic growth accelerated in the midst of government liberalisation in opening up new sectors to competition and investment—most notably, energy and telecoms. In 2016, the Human Development Index ranked Romania as a nation of "Very High Human Development".

Following the experience of economic instability throughout the 1990s, and the implementation of a free travel agreement with the EU, a great number of Romanians emigrated to Western Europe and North America, with particularly large communities in Italy, Germany, and Spain. In 2016, the Romanian diaspora was estimated to be over 3.6 million people, the fifth-highest emigrant population in the world.