Romanian state officials, representatives of supervisory institutions in financial markets, and elites from academia and the business sector gathered at the latest international conference organized by the Institute of Financial Studies (ISF) on the topic of Romania’s accession to the Organisation for Economic Co-operation and Development (OECD), the exclusive club of countries representing 70% of the global economy.
“I have said it several times, and it gives me pleasure to repeat that the OECD, accession to the OECD, is the most important strategic objective for our country after joining the European Union and NATO,” began Luca Niculescu, State Secretary in the Ministry of Foreign Affairs (MAE) and national coordinator for Romania’s accession to the OECD, in his speech at the tenth edition of the ISF International Conference.
He emphasized, in this context, that all actors in Romania, from political decision-makers to supervisory institutions and the business environment, are involved in the OECD accession process, which would bring clear benefits to all. “If things go well, and there are reasons to believe they are, our country could join the exclusive club of the world’s most powerful economies in 2026,” Niculescu assessed. It is worth noting that OECD member states represent 70% of global trade and 90% of global capital investments. Moreover, the organization is a unique source of know-how and networking in the world, essential for a country aspiring to development.
“Why do we want so much to join this organization? The most obvious benefit is the increase in foreign investors. OECD membership automatically generates a positive signal for investors. It assures them of economic stability and the existence of a robust regulatory framework. This leads to an improved country rating and better financing conditions on international markets. There are many large investment funds that include a country’s OECD membership among their criteria for funding a project. Another significant advantage is access to the expertise of the world’s most developed economies. We learn from their successful policies, or sometimes even from their failures, in areas such as taxation, education, health, environment, or justice. We can make comparisons, base our policies, improve them, and at the same time, aligning with OECD guidelines and standards helps us align our policies with global best practices,” stated the State Secretary.
Beyond the direct and obvious economic advantages, Luca Niculescu emphasized that OECD accession will help implement essential structural reforms, just as joining the European Union and NATO helped Romania embark on the path to progress.
“Another advantage, which we already have as a candidate state, is support for structural reforms. We receive periodic evaluations and recommendations because the OECD conducts in-depth policy analyses and provides well-targeted recommendations. For example, this year, in March, the Economic Survey for Romania was published, containing important recommendations for increasing economic productivity and the sustainability of public finances,” Niculescu noted.
ASF and ISF, key roles: You can count on us.
In the opening speech of the ISF International Conference, Alexandru Petrescu, President of the ASF, spoke about the importance of financial education and highlighted the role of the institution he leads in the OECD accession process. “The ASF has an extremely important role in this endeavor. It is present in a large number of committees: the committee for investments, the committee for financial markets, the committee for insurance and private pensions, and, of course, the committee for corporate governance. We have successfully passed, unanimously, through the Council’s decision, all measures that have brought us closer to that point of compliance and beyond, whether it was the Ministry of Justice or the Ministry of Finance, they have agreed as well. …So, Mr. Niculescu, you can count on us, because I am convinced that, at least in terms of the obligations we must fulfill in the banking and non-banking sectors, we will meet all compliance requirements in a timely and precise manner,” Petrescu said.
The President of the Authority highlighted the roles of both the ISF and the people within the ASF in the accession process. “ISF, as you know, has a particularly relevant role in financial education in Romania, and I thank them for understanding the importance of this OECD accession endeavor and for aligning with all that compliance with OECD standards and requirements entails. I also extend a word of thanks to all institutions in the spectrum of financial, banking, and non-banking market activities, which, in a convergent manner, support, contribute, and help achieve this point of perfect coherence with OECD policies and principles. I see many colleagues from the sector in the audience, with whom I have important projects, and I am glad they made time to be with us today. Mr. Niculescu is the integrator of the governmental effort in this OECD accession process and the person bearing this responsibility, with a very ambitious timeline to become a fully-fledged member in 2026. I have had, and still have, the honor of working alongside him; we recently returned from Paris. I would not want to miss this moment without thanking my colleagues at the ASF, the vice-presidents, the colleagues in the ASF Council, and the general director,” conveyed President Alexandru Petrescu.
“Financial education helps us read the compass provided by OECD accession”
If OECD accession provides the necessary tools to find the path to development, Romania’s role is to ensure it knows how to use these tools, emphasized Gabriel Avrămescu, First Vice-President of the Financial Supervisory Authority.
“OECD recommendations and accession represent a compass. But what would we do with this compass without adequate financial education? Because we have a compass, we have a direction, but it would mean nothing if we didn’t know what to do with this compass. That is why, for the ASF, financial education is an extremely important strategic objective, aimed at both protecting consumer interests and developing financial resources. Let’s not forget that when we talk about financial education, we talk about well-being, improving living standards, and enhancing the quality of life for all social classes and age groups. The ASF and ISF, through their programs, have reached all the categories I mentioned. For example, I can mention the ASF programs aimed at children in foster care under the supervision of the General Directorates for Social Assistance and Child Protection. Similarly, I can mention the PAD Caravan, organized together with PAID and our partners from UNSAR, a caravan that informs Romania’s citizens about the need for a safety belt in the event of a natural disaster,” ASF official noted.
Avrămescu provided a brief overview of the projects his institution undertakes to increase financial education levels. “Digitalization and financial education are, in fact, the cornerstone of this new Council. At the moment, as the president mentioned, one of our most important projects is the opening of the Institute of Financial Studies branch in the Republic of Moldova. We all know what the Republic of Moldova means to us and how important it is to support its European path. Our partners there, who must be mentioned, the National Bank of Moldova led by Anca Dragu, the National Financial Market Commission, and the Academy of Economic Studies in Moldova, are, in fact, the most important voices in the financial markets regulated by our institution. Similarly, I would mention another program, one that was adopted and approved by us in previous ASF Council meetings. It is, in fact, a revival of an older program, the internship program within the Financial Supervisory Authority,” highlighted the ASF First Vice-President.
What benefits will OECD accession bring?
Valentin Ionescu, President of the ISF, summarized the advantages that OECD accession will bring to Romania as follows:
OECD corporate governance standards provide a framework of trust for investors, improving transparency and accountability at the corporate level.
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A robust corporate governance system is attractive to investors seeking safety and transparency in the companies where they invest their capital.
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OECD studies show that companies with good governance have higher profitability and greater adaptability to economic changes.
Key advantages:
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Reducing instability risks: According to the OECD, financial markets with a robust regulatory system are less vulnerable to economic crises.
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Benefits for consumer protection: Through higher standards, financial service consumers would benefit from greater protection and transparency, reducing the risk of abusive practices.
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Expanded access to the international market: Romanian financial institutions could more easily access international markets, bringing more economic opportunities.
Long-term benefits:
Romania’s accession to the OECD will contribute to the modernization of the economy, significantly improving the quality of corporate governance and financial services.
In conclusion – By implementing OECD standards, Romania can become a more attractive destination for investments and develop a safer and more accessible financial system for citizens and investors. In the long term, this accession will help increase economic stability and strengthen Romania’s position in the global market.
“Romania has progressed in financial education, largely as a result of the actions taken.” ISF has thoroughly measured the level of financial education among Romanians.
Marian Siminică, Executive Director of the ISF, presented an in-depth study on the level of financial education in Romania, detailed by Financial Studies HERE. Additionally, Siminică discussed the measures taken over the past five years, which he believes have driven the increase in financial education levels and whose full effects, according to the ISF director, will be felt in the future.
“Romania has narrowed the gap, and I believe this rising score for our country, although not a significant increase, is largely the result of the actions taken. I would like to highlight just a few milestones. In 2020, financial education was introduced as a mandatory subject for 8th-grade students. We have not yet reaped the benefits of such a measure, but let’s consider that those students who first benefited from a mandatory financial education course are now on the verge of becoming university students. So, from now on, we will start to see the results. A lot has been done in this regard, including training courses for the teachers delivering these classes. Then, April 11 was declared the day of financial education in Romania. This is a symbolic but important moment to raise awareness of the significance of this phenomenon for societal development. This year, the national financial education strategy for 2024-2030 was developed, with indicators, stages, and responsibilities for all involved parties during this period. These are just a few milestones. Not to mention that we find financial education programs at the level of the ASF, BNR, ISF, and all entities in the markets. UNSAR and BVB are here with us, they have financial education programs, most banks have financial education programs, and we see almost daily TV shows dedicated to this topic. I believe it has become a national project to increase the level of financial education. The good news is that we are noticing a slight increase,” explained Marian Siminică.