Can the Romanian economy develop without a strong capital market? This should be one of the fundamental questions the state and private environment should ask themselves if they truly want to find solutions to exit the crisis. Because funding is probably the main problem of domestic companies at this moment and the past two years of crisis have shown that the policy of exclusively relying on foreign capitals is very dangerous particularly for Romanian privately held companies, most seriously hurt by the wave of insolvencies. This has happened as the Stock Exchange has been marginalised and has not gained the role of economy lender, by raising capital from private investors and directing them to companies. Statistical data show the Bucharest Stock Exchange has never been a real rival to banks, in the context where it did not manage to attract companies willing to raise funding during the peak years, before the onset of the crisis. The fact that the BSE was harder hit than the markets in the region and the Romanian economy is more vulnerable at this moment is due, however, to the very fact that the two have not managed to depend upon each other.

Can the Romanian economy develop without a strong capital market? This should be one of the fundamental questions the state and private environment should ask themselves if they truly want to find solutions to exit the crisis. Because funding is probably the main problem of domestic companies at this moment and the past two years of crisis have shown that the policy of exclusively relying on foreign capitals is very dangerous particularly for Romanian privately held companies, most seriously hurt by the wave of insolvencies. This has happened as the Stock Exchange has been marginalised and has not gained the role of economy lender, by raising capital from private investors and directing them to companies. Statistical