Romania has a very stable banking system, which is a source of pride for the country and the regulatory authority, however, at the same time, it is very expensive," President of the Competition Council Bogdan Chiritoiu said on Wednesday at "The Economist Romania Government roundtable" regional conference.
"We have a very stable banking system, and this is basically the reason for pride for the country and the regulatory authority. We are one the few states which did not have to abandon certain banks following the financial crisis. On the other hand, although we have a stable banking system, it is very expensive, it does not address the needs of all companies in Romania. (...) Many companies do not use the banking system. Perhaps some do not need it or, maybe, the multinationals access funding from their countries of origin," Chiritoiu said.
He added that the financial-banking system should be more dynamic and respond to the needs of all Romanian companies.
"I would like our financial sector to be more dynamic and respond to the need of all Romanian companies and have financial instruments that we are not using in the Government. It is good that we finally have the Development Investment Bank. It would be very good if we succeed to bring financial instruments, because we still rely heavily on the Government grants. So, our institution is lobbying the Government to use fewer grants and more financial instruments, such as state guarantees, for example," the Competition Council president mentioned.
Major economic topics such as financial stability, investments, technological transformation, competitiveness and sustainability of public systems are included on the agenda of the high-level regional conference "The Economist Romania Government Roundtable" organized by The Economist editorial group in Bucharest, between 30 March and 1 April.
Senior officials from Romania are engaging in discussions over these days with regional and European officials, as well as business leaders, in sessions moderated by Joan Hoey and Alasdair Ross, editors of The Economist.
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