The ouster of Prime Minister Ilie Bolojan’s pro-EU coalition via a May 5 no-confidence vote has shifted focus to repeated cabinet-formation attempts under Romania’s constitution rather than immediate parliamentary dissolution. The president retains discretion to nominate successive prime-ministerial candidates and is not required to dissolve the legislature even after failed confidence votes, a threshold that has never triggered early elections since 1989. Ongoing talks among major parties, including the Social Democrats and others wary of aligning with the surging far-right AUR, combined with the need to meet the August 31 EU Recovery and Resilience Plan deadline, reduce the near-term risk of impasse. Traders therefore price dissolution by July 31 as highly improbable, viewing the process as likely to produce a new government well before any snap-election trigger.