BUCHAREST, November 6, 2014 — Romania
needs to develop deeper and more liquid financial markets in order to sustain
economic growth, according to World Bank Group experts at a capital markets
conference in Bucharest today.
The conference was co-hosted by the
World Bank Group and Romania’s Financial Supervisory Authority (ASF).
It was attended by thirty representatives of the banking sector, regulatory
agencies, pension funds, and the government who discussed trends in Romania’s
economic growth and the role of capital markets in financial reform and
private sector financing.
"As the main regulatory body for
Romania’s capital markets, we advocate for a regulatory framework that
is sound, flexible, and attractive to issuers and investors,” said Mișu
Negrițoiu, ASF President. “We are working towards this goal, and we
welcome the partnership and support of the World Bank Group in this effort.”
Participants also addressed the different
roles of government and non-government bond markets. They discussed how
to create a regulatory framework and a capital market infrastructure that
encourage issuers and investors to access markets while safeguarding investors.
“Romania’s capital markets have an
essential role to play in sustaining economic growth,” said Bahar Alsharif,
Deputy Treasurer of the International Finance Corporation (IFC). “Financial
sector reforms that promote deeper capital markets will encourage greater
international and domestic investments in the country, supporting private
sector development and job creation.”
The World Bank, through the First Fiscal
Effectiveness and Growth Development Policy Loan, supports reforms to improve
the functioning of capital markets in Romania. The World Bank also provides
advisory support to ASF in its institutional reform effort, in order to
modernize and deepen the securities, pension, and insurance markets, as
well as to promote the adoption of regulatory and supervisory standards
that adequately identify risks and mitigate problems in these sectors,
while avoiding an over-bearing regulatory burden. IFC will continue to
support the strengthening of Romania’s capital markets as an active bond
About the World Bank Group
The World Bank Group plays a key role
in the global effort to end extreme poverty and boost shared prosperity.
It consists of five institutions: the World Bank, including the International
Bank for Reconstruction and Development (IBRD) and the International Development
Association (IDA); the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Working together in more than 100 countries,
these institutions provide financing, advice, and other solutions that
enable countries to address the most urgent challenges of development.
For more information, please visit www.worldbank.org,