%0 Journal Article %T IS THE ROMANIAN FINANCIAL MARKET PREPARED TO SUPPORT PENSION SYSTEM REFORM? %A LAURA RAISA MILO£¿ %J Anale : Seria £¿tiin£¿e Economice. Timi£¿oara %D 2012 %I Mirton Publishing %X The paper outlines the challenges that a multi-pillar functional pension system may bring, considering the current state of development of the Romanian financial system, considering the macroeconomic stability, the current financial infrastructure and the existence of a regulatory and supervisory framework. After realizing an overview over the Romanian pension market, issues like the capacity of the domestic financial market of generating long-term returns and adequate financial instruments are also addressed from an analytical point of view. %K pension %K system %K financial market %K reform %U http://fse.tibiscus.ro/anale/Lucrari2012/kssue2012_043.pdf