Daniela Secară, CEO of BT Capital Partners, participated in the EBRD 2026 Annual Meeting & Business Forum, on the panel “How regional capital markets boost competitiveness, ” held in Riga, Latvia.

The discussions focused on the essential role that strong regional capital markets play in strengthening financial resilience and increasing economic competitiveness. Participants also discussed the challenges related to capital market integration, analyzing the main barriers affecting this process and the options available to address them.

Here are some of Daniela Secară’s remarks, and the full discussion can be viewed here.

On the challenges and effects of the current economic environment on investments:

• With Romania currently experiencing one of the highest inflation rates in Europe, discussions about how people can protect their savings have become increasingly common.
  
  
• For many investors, the first step was to turn to government bonds intended for the general public, issued by the Ministry of Finance. These offer returns comparable to the government’s borrowing costs and a higher level of security, especially for those who choose to move some of their savings out of deposits. Although bank deposits remain substantial, developments in recent years indicate a clear shift in saving and investment behavior.
  
  
• In this context, the number of retail investors has increased significantly. Furthermore, we are seeing that, starting with these instruments considered safe, more and more investors are beginning to look toward the stock market as well.
  
  
• Financial education, however, remains an essential element. Alongside these developments, there are also riskier trends, such as investments in cryptocurrency, gambling, or various fraudulent schemes, which frequently lead to financial losses. It is important for investors to better understand how the capital market works, what investing entails, and how to distinguish between real financial instruments and alternatives that do not constitute actual investments.
  
  

On the challenges facing regional capital markets: 

• At the European Union level, legislation can be considered to be aligned by approximately 90%. However, in practice, the details make all the difference.
  
  
• When it comes to infrastructure, nine years ago, we were the first to implement euro-denominated settlement on the Romanian stock exchange. It was a difficult process. Obtaining all the necessary approvals was a major challenge in ensuring a smooth and efficient settlement process.
  
  
• From this perspective, both seemingly minor factors and structural ones—such as taxes, infrastructure, or the political context—significantly influence the speed and complexity of implementations. In Romania, for example, frequent changes in government contribute to an additional degree of uncertainty. Streamlining processes and increasing operational efficiency are essential to facilitating companies’ access to the capital market and accelerating project implementation.