Abstract-This paper study the way in which the Romanian authorities have reacted during the crisis and the lessons to be learnt subsequently to the encounter with this crisis. We consider the arguments for the necessity to re-think the modality to re-think and interpret the Romanian fiscal policy, under the terms of the future adhesion to the Euro Zone. We estimates the structural budget deficit, considering this indicator as on of the most relevant for assessing the performance of the fiscal management, and also the extent to which the Romanian fiscal policy is prepared to act as a sole instrument which can stabilize the national economy after entering the Euro Zone. Finally, the work mentions a series of conclusions and recommendations regarding the methodological re-construction of the fiscal policy’s efficiency and the lessons for emerging countries. Keywords: fiscal adjustment; austerity; recession; economic crisis; fiscal policy