According to Roving Crafters, "Romanian Cord, aka Romanian Lace Cord (and also aka Macrame Cord even though it is not macrame), is a pretty but dead simple cord that you can whip up whenever you need. It’s fully reversible and works up fast. I’ve seen it used as ties, edges, stitched on embellishments. I’ve seen it looped and worn as bracelets, necklets, and on one occasion earrings."
More information and a video of the technique can be seen here.