The Development Of The Romanian’S Capital Market And Its Importance In The European Economy

A modern competitive economy, able to adapt to the current globalization is not conceivable without the existence and function of efficient capital markets. Capital is the lifeblood that feeds the economy, and if the channels in which the sap is insufficient, non-existent or wrong cut, economic progress is questioned. Capital market through its specific mechanisms, materializes and centralize capital, especially should provide tools and products to ensure the fruition of investments and hedging. It is a market that offers the most diverse investment opportunities and in which success depends on the training and knowledge. The international financial markets, the extent and speed with which it evolves in a process of unprecedented change. By their functioning stock markets have always been characterized by a high degree of sensitivity to changes that occur at the level of investors, the developments and prospects of the real economy and the financial system. The international economy is continuously restructuring and transition, impacting all nations, they are forced to adapt to the rapid changes taking place in the world. This restructuring is driven by two dynamic forces and interdependent: deepening of globalization of the world economy and the emergence and development of regional economic arrangements. Due to inadequate risk management, risk assessment of weaknesses in the credit rating agencies of failure to properly apply the rules and supervision, the existing regulatory and supervisory framework failed to prevent the crisis. Against the backdrop of globalization and integration of capital in the single market of the European Union, we made a radiograph of the domestic capital market to capture the main problems faced and developments and prospects.