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March 24, 2023

ARB: Banks finance 92 pc of Romanian economy

The Romanian banking system covers 92 per cent of the economy’s financing needs, a level higher than the one registered at European level (75 per cent) or in the United States (25 per cent), Florin Danescu, Romanian Banking Association (ARB) CEO, stated during a press conference, money.ro informs. He pointed out that in general the entry of a new product on the market depends to a large extent on the banking industry that cannot take over a product at individual level unless it offers a competitive advantage. He explained that there is a paradigm between the banks’ desire to relate to clients and modern technology products, one that increasingly distances clients from the bank. According to Danescu, the answer to this paradigm would consist of the strength to regulate and supervise the banking industry, there being increasing talk of a banking union that would supervise 9,000

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