Countries with higher levels of financial development - measured by aggregate indicators of bank development and capital market development - benefit from substantially higher rates of growth. In addition, the financial development component explained by indicators - legal rights of external investors and the legal system efficiency in the application of these rights - is strongly and positively linked to long-term growth. The results of the author's analysis are consistent with the view that the legal system has a significant influence on the development of the financial sector and this in turn influences long-term growth.  The insufficient supremacy of the law finally materialized in a generalized corruption represents a major barrier to the economic progress in the Republic of Moldova and, implicitly, to the development of its banking system. Consequently, the consistent implementation of structural reforms has a central role to play.