Paradoxul intermedierii financiare – cum finanțăm economia?

Romania faces a paradox of low financial intermediation despite high corporate debt. The country's financial intermediation level is the lowest in the EU, with only 40% of GDP in non-governmental credit compared to the EU average of 106%. Many firms rely on alternative financing sources, leading to a high level of corporate indebtedness. Over 80% of SMEs and half of corporations did not seek bank credit in the past year, indicating a preference for commercial credit. This situation highlights the need for better financial education and understanding of financing costs and risks. Structural vulnerabilities in companies hinder their ability to access credit, with less than 20% of SMEs receiving full financing from banks. The credit market is characterized by a preference for fewer loans due to anticipated recovery costs, a phenomenon known as credit rationing.