The former president of the Bucharest Stock Exchange, Viorel Pană: "The BSE is a speculative institution"

Viorel Pană, who led the BSE between 1997 and 2001, is accusing it of lack of courage, passivity, and having a hesitant attitude, and the management of the institution is being viewed as obtuse. Mr. Pană says that it is the first time he is making such a statement. In his opinion, the BSE hasn"t done enough to become an alternative source of financing for the real economy. Lately, comparisons between the BSE and the stock exchanges of Warsaw and Sofia are becoming increasingly unfavorable to Bucharest. "I am beginning to wonder if the mutualization of the BSE wasn"t done too soon, and has led to that state of self-contentedness and lack of innovation, an attitude which resulted in the lack of a strategy in reaching some real collective goals. On the contrary, the Bucharest Stock Exchange is currently the exponent of group interests."

The former president of the Bucharest Stock Exchange has also said: "The BSE is lacking a cohesive working strategy under crisis conditions. The recent meetings between the management of the Exchange and the brokers are proof of the confusion of the leaders of this important institution".

Today, the BSE is a speculative institution, far from competitive, meaning that it can"t represent a solution to help the country exit the crisis". According to him, it would be normal if the BSE were able to attract funds from the market that would be invested in infrastructure projects: "The increase in consumption can not take place without an increase in investments; salaries need to be restored, not restructured. The BSE has not developed a strategy that is aggressive enough to finance the real economy".

The implied reproach when describing the BSE as a mere "speculative institution" seems noteworthy, coming from one of its former presidents.