Center-right President Traian Basescu and his main rival, leftist Mircea Geoana, emerged from Sunday's election with the most votes, partial results released Monday by election authorities showed. The two are now set to face each other in a second round of voting on Dec. 6.

With around 74 percent of ballots counted, Basescu holds 32.8 percent of the vote, Genoana has 29.8 percent, while conservative opposition leader Crin Antonescu has polled at 20.3 percent. The incomplete results confirm exit polls taken after the elections.

The winner of the runoff in December will be pressed to name a new prime minister following the collapse of the country’s center-left coalition in October. Romania has been governed by a caretaker government for the past six weeks.

Analysts say the quick formation of a new government and forward momentum with reforms are necessary if Romania, an EU member, is to recover swiftly from recession. If it does not move forward with the reform process and boost the economy, it could fall behind the other former Soviet-bloc states that have joined the EU.

If Basescu wins in December, he will likely seek to form a government that would push through painful fiscal reforms. Conversely, if Geoana were to emerge as the victor next month, Romania could see a return of old-hand politicians from the Social Democrats, a party with deep roots in Romania's former communist regime.

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Editor: Nancy Isenson