The National Bank of Romania (BNR) recently announced the operationalization meeting of the National Committee for Macroprudential Oversight (NCMO), an interinstitutional organization that will provide macroprudential oversight of national financial system.

The establishment of the NCMO, provided for under Law No. 12/2017, fulfils recommendations from the European Systemic Risk Board as to how the country’s national authorities should fulfill their macroprudential mandate. Comprising officials from the BNR and the Financial Supervisory Authority and the Government, the NCMO will set macroprudential policy and ensure that its is implemented.

The operationalization meeting set the NCMO’s general board and established its immediate priorities, including the creation of regulations on the committee’s organization and functioning and creating regulatory framework to enforce the law, as well as creating the committee’s website.

BNR Gov. Mugur Isărescu will chair the committee. Other members include BNR First Deputy Gov. Florin Georgescu, BNR Deputy Gov. Liviu Voinea, Financial Supervisory Authority President Mișu Negrițoiu, Financial Supervisory Authority First Vice President Cornel Coca Constantinescu, Financial Supervisory Authority Vice President Ion Giurescu, Public Finance Minister Viorel Ștefan, Ministry of Public Finance State Secretary Attila György and Ministry of Public Finance State Secretary Enache Jiru.

Bank Deposit Guarantee Fund General Director Petre Tulin will also participate in the board meetings but does not have a voting right.