Romania is a member of the European Union and became one in 2007. Of the members of the European Union, Romania has the 7th largest population and is a member of NATO as well. Romania is also a member of the Latin Union (BBC MMIX, 2006). In this paper, light shall be shed upon the history of Romania and the economic scenarios that the country went through in varying stages of its history. We shall see how Romania began as a developing economy and suffered through difficult economic conditions before it came out as a country with a strong economic standing.Romania through the 20th CenturyThrough World War IIn this paper, we shall briefly look into Romanian history from the first incident that changed the world map at the dawn of the 20th century. Namely: the First World War. When the First World War broke out in 1914, Romania declared itself to bear a neutral stance but was later pressured to join the allies two years into the war. Romania declared war but was beaten down horribly four months into the war (Duffy, M., 2003). A large number of the Romanian army was killed or captured and a chain of events in which Romania played a submissive role led to the Treaty of Bucharest. However, Romania was back in the battlefield by late 1918 and what followed was a turn of events that led to creation of Greater Romania (Gallagher, 2008).