[3][5] Balaci had a total of 65 games and 8 goals scored at international level for Romania making his debut on 23 March 1974 at the age of 17 under coach Valentin Stănescu in a friendly against France which ended with a 1–0 loss.

[17][18] He played three games at the Euro 1976 qualifiers and scored his first goal for the national team at age 20 in a friendly which ended with a 3–2 loss against Czechoslovakia.

[17] He also became captain of the national team during the successful Euro 1984 qualifiers where he played six games, including a praised performance in Romania's 1–0 victory against World Cup holders, Italy in which he gave the assist to László Bölöni's goal, exposed his dribbling abilities and had a good performance against his direct opponent Claudio Gentile.

[8][17][19] However coach Mircea Lucescu could not select him in the squad for the final tournament due to the injury he got in a Divizia A match from Grigore Arezanov.

[21][22] After retiring as a footballer, Balaci went on to coach lower league sides Pandurii Târgu Jiu and Drobeta-Turnu Severin.

[15] In 1991, he coached clubs in North Africa and the Arab world, he became one of the most successful managers there having won over 22 major trophies domestic and international.

[26][27] At the beginning of the 1998–99 Divizia A season, Balaci was put in charge of Universitatea Craiova but after a 1–0 loss against Oțelul Galați in the 7th round, he lost his temper and threw a pair of football shoes in referees Aron Huzu's head for which he received a one year suspension, after which he decided to resign.

[28] He then went on to join Qatari side Al-Arabi in the 2005–06 season, before moving to the United Arab Emirates club Al Shabab for a second spell, but without success.

[31] On 4 June 2013, Balaci signed a contract with newly promoted Saudi Premier League side Al-Nahda saving the club from relegation.