As business leaders in Romania, we are no strangers to navigating turbulence. But what we are experiencing now is not just another cycle of instability—it is a convergence of systemic risks that collectively resemble a classic black swan: highly improbable, massively disruptive, and, in hindsight, strangely predictable.

The combination of political volatility, economic fragility, and waning investor confidence is rapidly altering the rules of engagement for Romanian businesses. The presidential runoff scheduled for May 18—where nationalist and eurosceptic voices are gaining traction—may reshape Romania’s international posture, just as the country faces its most serious fiscal challenges in over a decade. Currency depreciation, a spiraling deficit, investor outflows, and EU pressure over energy market noncompliance are just the visible surface of deeper structural fissures.

This is not just a political crisis. This is a business crisis.

And yet, what has struck me most in recent weeks is the remarkable clarity and urgency coming from Romania’s responsible business community. At the recent RBL Summit, I saw leaders who were not waiting for rescue from policymakers. They were acting. Recalibrating. Calling for governance reform, fiscal discipline, and above all—leadership.

Now is the time for business leaders to shift from passive observers to active shapers of Romania’s future.

We need to lead not just within our companies but beyond our P&L statements. We must speak out when values we care about—rule of law, transparency, economic openness—are threatened. We must support talent that can lead in ambiguity, manage risk ethically, and navigate the volatile intersection of politics, economics, and social impact.

As executive search consultants, we are seeing more and more boards asking different questions. Not “Can they hit the quarterly numbers?” but “Can they steady the ship when the map is on fire?” These are leadership moments, not just management assignments.

In this black swan moment, Romanian businesses will either retreat into defensive mode—or rise to shape the conditions for resilience and renewal.

Our call to all leaders: don’t wait for clarity. Move with courage. Hire for values. Act with principle. Be the kind of leadership this country needs now.

Let’s not underestimate the weight of this moment. Nor the opportunity it carries.

If we meet this black swan with clarity, character, and collaboration, we may well emerge with stronger institutions, more mature leadership, and a more resilient economy.