European Commission’s report titled “Fiscal Reforms in Member states 2011” states that fiscal risk reflects present and estimated funding needs. Romania’s fiscal risk is fairly close to the EU average. The fiscal risk indicator takes into consideration the level of state debt, the ratio of debt in GDP maturing in the next 2 years, default interest on sovereign debt and balance gap without interests on consolidated debt. High level of fiscal risk indicator urges to adopt fiscal measures needed to control the situation in public finances. The average of the indicator for EU members is 0.51, for Romania 0.54. The highest risk is reported by Greece at 1.02, followed by Italy with 0.88.