Stock Exchange, an orphan at 15

The anniversary of 15 years of modern Stock Exchange, celebrated yesterday at the headquarters of the NBR (National Bank of Romania) has provided the scene for the high officials attending the event to settle scores either with the political class or with the media, while the capital market was, as it has been, a minor subject on the authorities' agenda. The promises to list state-held companies have been renewed.

What for capital market officials was an occasion for celebration and for reiterating its main requests to the state, to give stronger support to the capital market via floatations, was used by President Traian Basescu as an opportunity to send a message to politicians, and for NBR Governor Mugur Isarescu to put the blame on excessive media coverage, which dents Romania's credibility, after Mugur Isarescu had said just one day before that Romanians are to blame for the country's foreign debt.

At the end, the president renewed the pledge to bring Romgaz to the Stock Exchange and to list additional stakes in Petrom, Transgaz and Transelectrica. Nobody from the Government was, however, present to give weight to the message.