In the post-Cold War era, two major trends illustrate the evolution of the international security environment: the spread of democracies and the emergence of asymmetric threats. The former focuses on freedom, the latter on security. New democracies must pay close attention to fundamental values and norms that stand at their core, such as respect for human rights and civil liberties, rule of law, and civilian and democratic control. At the same time, they need effective and efficient intelligence to fight the new threats. Regulating intelligence activities is one of the greatest challenges of a democratic regime because there is a fundamental clash between the democratic culture, based on individual freedom, openness, transparency, accountability, and the secrecy and security-oriented intelligence culture. A fundamental question is raised: How to democratize intelligence and maintain its efficiency and effectiveness at the same time? The conundrum of intelligence reforms requires a trade-off between the need for good intelligence and the respect and promotion of democratic values. This thesis analyses the impact of democratization on intelligence in four major areas: mandate, structure, control, and professionalization. It studies the major academic debates on the matter and then applies the theoretical framework to the Romanian case.