The debate on the state’s role was relaunched with the generalization of the market system, which covers the whole economy. In this context, a gradual transition from a system of indirect finance to a system favouring direct finance was noted in many developing countries, hoping to enhance their growth. The delay in the development of these countries was explained by their lack of openness and the weak of the autonomy of their institutions, mainly financial ones. In Algeria, after almost three decades of control over the financial system, the need to empower the sector by reinstating the state in the role of regulator was felt after the oil shock of 1986. In this paper, we want to assess the place of the State in the activity of financing the economy, in the light of the changes imposed by the general environment, which tends towards globalization. [ABSTRACT FROM AUTHOR]