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

The essential role that strong regional capital markets have in strengthening financial resilience and increasing economic competitiveness was at the center of the discussions. Also, the participants talked about the challenges related to the integration of capital markets, analyzing the main barriers affecting this process and the options available to manage them.

Some of Daniela Secară's statements, and the entire discussion can be watched on video here.

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

• In a context where Romania has one of the highest inflation rates in Europe, discussions about how people can protect their savings have become increasingly frequent.
  
  
• For many investors, the first step was turning to government bonds intended for the population, issued by the Ministry of Finance. These offer yields comparable to the state's financing cost and a higher level of security, especially for those who choose to move part of their savings from deposits. Although bank deposits remain consistent, developments in recent years indicate a clear change in saving and investment behavior.
  
  
• In this context, the number of retail investors has increased significantly. Moreover, we observe that, starting from these instruments considered safe, more and more investors are beginning to look towards the stock market as well.
  
  
• Financial education remains, however, an essential element. Alongside these developments, there are also riskier trends, such as investments in crypto, betting, or various fraudulent schemes, which often lead to financial losses. It is important for investors to better understand how the capital market works, what investment entails, and how to distinguish between real financial instruments and alternatives that do not constitute proper investments.
  
  

About the challenges of regional capital markets:

• At the level of the European Union, legislation can be considered aligned by approximately 90%. However, in practice, the details make the difference.
  
  
• If we talk about infrastructure, nine years ago, we were the first to carry out euro settlement on the stock exchange in Romania. It was a difficult process. Obtaining all the necessary approvals was a major challenge to ensure 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 at the governmental level contribute to an additional degree of uncertainty. Simplifying processes and increasing operational efficiency are essential to facilitate companies' access to the capital market and to accelerate project implementation.