It is unacceptable that only five years before entering the pre-euro adoption phase, the financial market should be as rudimentary as it was five years ago, that it should not have long-term instruments and yield curves, says Misu Negritoiu, chief executive of ING Romania.

"NBR gets up to the top of its ivory tower and says 'it's the market's problem, you do the fighting'. Yet the NBR and the Finance Ministry are the 'market' too, they are the biggest issuers and they have an essential contribution to the market's profile. In the end it is a matter of the state to have a market with developed instruments," Misu Negritoiu told ZF.

He says that a large part of the financial business still stays with minimal maturities, of up to one week.

Negritoiu also blames the NBR for discouraging differences of opinion in terms of market phenomena and macroeconomic indicators, suggesting analysts are trying to influence the behaviour of companies based on certain interests.

"The NBR does not realise that a real market works with a plurality of opinions. It is absolutely natural to have an opinion as an analyst, as a bank. It's better to stimulate them to reach a balance in this game of opinions, rather than choke them. The NBR should know that the transfer from the analyst's opinion to the business decision is more complicated and a client considers several opinions before making a decision."

Negritoiu expresses concern about the effects of promoting messages like "nothing bad can happen" , which can reduce vigilance to the potential risks.

"We are boasting about our strong RON and the inflation decline while the market is puddled with liquidity and everybody's rushing to get exposure to consumer and real estate loans.

"You cannot be that confident when corrections happened everywhere, when there is a cyclicalness law that works anyway. We