Capital Markets and Non-bank Financial Institutions in
Romania is part of the World Bank Working Paper series. These
papers are published to communicate the results of the Bank?s ongoing
research and to stimulate public discussion.
With only three years remaining before joining the European Union,
Romania is working hard to improve its capital markets and non-bank
financial institutions, which remain less developed than those in other
accession countries. Strengthening these sectors has become a top
priority for policymakers, whose primary objective is to ensure that
the financial system is sufficiently developed to serve the growing
demands of the Romanian economy.
During 2003 and 2004, the Romanian authorities made significant
efforts to draft, adopt, and enact new legislation to align Romania
with EU financial directives. Despite these efforts, however,
challenges remain in the area of supervisory capacity and the
implementation of laws and regulations.
This study assesses key issues and recommendations for development,
and reviews the specific changes which are necessary in four areas:
structural reforms, market institutions, and infrastructure;
accounting, transparency, and disclosure; market infrastructure; and
credit enhancements.
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