The Moldovan parliament has elected Nicolae Timofti, a senior judge and compromise candidate, as the country’s new president. The ruling coalition reached an agreement with several MPs which had defected from the oppositional Communist Party. Repeated failure to elect a new president had led to several snap elections over the past three years, making it the number one political topic and diverting attention from more fundamental matters.

Impact on country risk

With a new president finally in place, the government can now fully concentrate on its pro-European reform agenda. Indeed, despite the political impasse, the current coalition, which came to power after the 2009 elections, has initiated a number of noteworthy efforts to push forward with European integration. While evidently Moldova is still far off from joining the EU, progress on topics such as a free-trade agreement and visa liberalisation, both currently under negotiation, will encourage economic development of the poor country.

Analyst: The Risk Management Team, p.dellafaille@credendogroup.com