The objective of this review is toanalyze the public finance and revenue administrationfunction across the Government of Romania and to identifyopportunities for enhancements in strategy, processes andorganization. The review provides a strategic, medium-termvision for the development of the public finance functionwhile being responsive to immediate problems and challenges.The current fiscal adjustment has reinforced the importanceof strong fiscal institutions and public financialmanagement systems. Romania has already taken importantsteps to improve public financial management but progresshas been uneven. Notwithstanding past achievements, there isroom for further strengthening of the public financefunction, especially in continuing to shift its focus andcapabilities from transaction related control to more policyand efficiency oriented tasks.