EFICIENŢA PIEŢEI FINANCIARE DIN ROMÂNIA - CONDIŢIE NECESARĂ ÎN PERSPECTIVA ADERĂRII LA UNIUNEA EUROPEANĂ

No country can develop without an active financial market, able to offer the conditions for financing national economy and also, an advantageous way of investing the temporary available resources. Having in mind this idea, the objective of this paper is to reveal the main coordinates of Romanian financial market evolution and to analyze in what way this evolution determined a functional emergent financial market. More precisely, the authors will test the efficiency market hypothesis (EMH), using the recent market evolutions. The fundamental adopted thesis consist in the fact that obtaining even a “week” result from the test is a clue of the institutional – managerial and structural development of Romanian financial market, critique precondition for integration in EU financial system.