Direction des Etudes et des Prévisions Financières
Pour une convergence accélérée vers les standards de l’Union Européenne
Système financier marocain :
M ars 2 0 0 8
http://www.finances.gov.ma/depf/depf.htm Boulevard Mohamed V. Quartier Administratif, Rabat-Maroc Téléphone : (00212) (0) 37.67.75.01/…/08 Télécopie : (00212) (0) 126.96.36.199 E-mail :email@example.com
Abstract Introduction Première partie : Processus de réforme du système financier marocain 1. Stabilité macroéconomique : un préalable nécessaire pour le développement du secteur financier marocain. 2. Principaux traits de la réforme du système financier marocain. 3. Benchmark des performances du secteur financier par rapport à certains pays de la régioneuro-méditerranéenne. Deuxième partie : Coûts et bénéfices de l'ajustement du système financier marocain : quel rôle pour l’intégration régionale ? 1. Processus de convergence des économies sud-méditerranéens. 2. Opportunités et coûts de la convergence du secteur financier au Maroc. 3. L’intégration financière régionale : une des voies possibles pour réussir le cap de la convergence Conclusion
Direction desEtudes et des Prévisions Financières
Morocco has engaged important structural reforms aiming at establishing the basis of a strong and durable economic growth. These reforms have enabled for the reinforcement of overall macroeconomic stability, the improvement of business environment and trade openness, combined with the liberalization of key productive sectors. The financial system,mainly the banking sector, was placed at the hearth of this reforms dynamics, with due regard to its key role in terms of growth reinforcement and economic catch up. Thus, in addition to the privatization of public banks, restructuring of some specialized financial institutions and the development of equity and bond markets, the Moroccan financial sector has seen a deep change of its regulatory andinstitutional framework to bring it in line with international standards. Being the main component of the Moroccan financial system (nearly 60% of financial assets), the Moroccan banking sector has a diversified structure which compares favourably with some emerging countries with a level of higher financial development like Mexico or South Korea. This diversification is followed by anincreasingly reinforced financial depth and solidity compared to regional average. Whereas the Moroccan financial sector currently stands as one of the most structured and developed systems in the South-Mediterranean area, the new challenges rising ahead, in particular with the entry into force of prudential rules within the framework of Basle II as well as current and future engagements within theframework of financial services liberalization, put into the agenda the issue of its adaptation to global market forces and competition to tackle the challenges of transition and convergence. In parallel to the efforts engaged at the domestic level in the area of financial system modernization and deepening, it is worth to say that a significant role falls to the European Union in terms of sustaining theprocess of real and normative convergence. The new business opportunities such as offshore banking services, represents a powerful factor of attraction of resources resulting both from financial co-operation and FDI. The positive effects of these additional resources on Morocco’s socio-economic fundamental are clearly significant as it would enhance the pace of the process of convergence towardsEuropean standards and thus reinforce the credibility of European Union engagements in favour of the ongoing reform process in Morocco. The purpose of this paper is to draw up the main aspects of financial system reforms in Morocco during the last years. Then, a comparative analysis with some Southern Mediterranean countries and Central and Eastern Europe will be carried out to appreciate most...