This paper wants to emphasize t he relation between financial system and economic growth, as part of sustainable development. Recent papers stress the correlation between the financia l system as a promoting factor to economic growth. Economic literature also discusses the issue related to some types of financial system (such as bank - based or market - based) and economic expansion. The article intends to summarize the debate on financ ial system development, financial system types and financing manners in promoting economic growth. The actual stage of Romanian financial system, related to banking system, financial institutions and financial market, is taken into discussion. The latest structural transformation of Romanian financial system since EU Accession is presented.