Vigroux: Romania cannot have a big capital market over the next decade because of investor mentality

Jean-Pierre Vigroux, managing partner of consulting and audit firm Mazars' local office, one of the most influential consultants on the market, rates the Romanian capital market 6 out of 10 in terms of transparency and believes investors mentality is preventing Romania from having a developed capital market.

"I give companies listed on the Bucharest Stock Exchange a six in terms of transparency. Six is a pass mark, though below the level recorded by other capital markets in the region, such as Poland and the Czech Republic. Romania requires time to recover lost ground and I don't think it will be able to have a big capital market within the next ten years, mostly because of investor mentality. Romanian investors prefer palpable speculations with more palpable assets such as land and real estate," said the consultant.

Vigroux established PricewaterhouseCoopers (PwC) office in Romania in 1991 and ran the company for 13 years, being one of the expats most familiar with the Romanian market.