The fourth meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 December 2021 by written procedure. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk. The NCMO General Board was informed of: (i) the up-to-date assessment of macroprudential instruments since their implementation in the national legislation, (ii) the impact of interest rate risk on the banking sector’s government securities portfolio and interest rate-sensitive assets and liabilities, (iii) the systemic risks identified across the domestic financial system, (iv) the implementation of Recommendation ESRB/2020/8 on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID-19 pandemic and (v) the implementation of Recommendation of the European Systemic Risk Board amending Recommendation ESRB/2016/14 on closing real estate data gaps (ESRB/2019/3). On this occasion, Board members unanimously approved NCMO Recommendation No. R/9/2021 on the countercyclical capital buffer in Romania. Following the continued accelerating trend in lending, while recent developments do not show a relief of tensions surrounding macroeconomic equilibria, the National Bank of Romania is recommended to keep in place the measure on raising the countercyclical buffer rate to 0.5 percent, as of 17 October 2022, and to further monitor developments in the economy and lending, in a context still riddled with uncertainty. Moreover, the NCMO General Board decided to set up a working group mandated to support financial intermediation. The National Committee for Macroprudential Oversight was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of national authorities was implemented. The NCMO brings together representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government of Romania. The NCMO’s mission is to ensure coordination in the field of macroprudential oversight of the national financial system by setting the macroprudential policy and the appropriate instruments for its implementation.
Romania’s general government budget deficit can drop below 6.5% of GDP next year, possibly approaching 6% of GDP, to further drop below 5% of GDP if the tax evasion and tax avoidance are addressed, the head of the Fiscal Council, Daniel Daianu, said, speaking in a conference organised by Curs de Guvernare, as reported by […]
The Purchasing Managers' Index (PMI) compiled by BCR Romania for the manufacturing sector plunged to 47.6 points in October – the weakest reading in seven months – dragged down by the deterioration in the volume of new orders and volume of actual output. The decline wipes out the progress seen over the past six months, […]
The Festivalul Brazilor de Crăciun/Christmas Tree Festival charity auction returns in December for its 25th edition, continuing a long-standing tradition of turning art into opportunity for children in need. Since its launch, the festival has raised more than EUR 10 million, with proceeds supporting the socio-educational integration of over 270,000 children. Organized by Save the […]
De ce este esențial un program de gestiune pentru magazine În comerț, viteza și acuratețea contează. Fiecare minut pierdut cu verificări manuale înseamnă timp și bani. Un program de gestiune magazin centralizează toate activitățile într-o singură platformă: recepția mărfurilor, evidența stocurilor, emiterea documentelor fiscale, vânzările zilnice și raportarea financiară. Prin automatizarea proceselor, magazinele reduc erorile […]
The local Google team now counts more than 400 people, having grown from a small staff of a few employees in November 2010, when the US company opened an office in Bucharest. The Bucharest technology hub is currently Google’s largest wearables development center in the EMEA (Europe, Middle East, and Africa) region, and the solutions […]
On Thursday, October 30, 2025, over 150 board members, executives, and thought leaders gathered at the InterContinental Athénée Palace Bucharest for the Future of Boards Awards Gala 2025, organized by Envisia, the first business school in Central and Eastern Europe dedicated to the professionalization of board members and governance leaders. The event recognized responsible leadership […]
