Corporate governance and corporate finance

OECD Capital Market Review of Romania




Published 28 April 2021


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With funding by the European Union‌ via the Directorate General for Structural Reform Support

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 Press release: Romanian Ministry of Finance

Press release: Romanian Financial Supervisory Authority



In the years before the COVID-19 pandemic, Romania enjoyed strong economic growth, which reduced the gap in terms of income per capita with high-income European Union (EU) economies and resulted in a decline in unemployment. However, the global economic shock caused by the COVID-19 pandemic has aggravated a number of long-term structural challenges in the Romanian corporate sector and capital markets. In particular, the use of market-based financing by the corporate sector is very limited compared to other markets in the region. This represents a barrier to sustainable economic growth and innovation in the Romanian economy. Going forward, capital markets will play a key role both in the recovery from the COVID-19 crisis and in creating long-term corporate resilience. Most importantly, well-functioning capital markets will help channel household savings to the real sector and facilitate investments that can improve Romania’s productivity and competitiveness.

Against this background, the Romanian Financial Supervisory Authority in collaboration with the Ministry of Finance has requested support from the European Commission under the Structural Reform Support Programme to undertake a comprehensive review of Romanian capital markets and to develop a national capital market strategy.

This OECD Capital Market Review of Romania: Mapping Report is the first step towards building a diagnostic of the Romanian capital markets. It provides a comprehensive review of their current state, both before and during the COVID-19 crisis, by offering detailed data and analysis on the Romanian corporate landscape as well as the public equity, corporate bond and private equity markets.

This review has been funded by the European Union via the Structural Reform Support Programme and implemented by the OECD, in cooperation with the European Commission’s Directorate General for Structural Reform Support (DG REFORM).



See also

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