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.
By Ambassador Extraordinary and Plenipotentiary Permanent Representative to the Council of Europe, Dr. Ion I. Jinga Strasbourg, January 2025 Motto: “Precedents in history can furnish no other light than that of beacons, which give warning on the course to be shunned, without pointing out that which ought to be pursued.” Alexander Hamilton, Founding […]
A technical evaluation mission of the Secretariat of the Corporate Governance Committee of the Organisation for Economic Co-operation and Development (OECD) took place on January 20-23 at the General Secretariat of the Government (SGG).According to SGG, the major objective of the mission was to analyse and evaluate the implementation by Romania, as a candidate state, […]
The state budget deficit forecast for 2025 has increased to the average value of expectations of 7.3% of GDP and economic growth expectations are at the average value of 1.3%, according to the estimates of analysts from the CFA Romania Association.Public debt calculated as a percentage of GDP is expected to increase to 57% in […]
New orders in the manufacturing industry increased by 2.7%, in nominal terms, overall (domestic and foreign markets), between January 1 and November 30, 2024, compared to the same period in 2023, according to data published on Thursday by the National Institute of Statistics (INS).In the same period, the evolution of new orders in the manufacturing […]
The Élysée Treaty is the foundation of the close Franco-German friendship and the symbol of reconciliation between Germany and France after World War II, said the German ambassador in Bucharest, Peer Gebauer.The message is sent by the German diplomatic mission in the context in which Germany and France celebrate 62 years since the signing of […]
The presidential candidate of the PSD-PNL-UDMR coalition (Social Democratic Party, National Liberal Party, Democratic Union of Hungarians of Romania), Crin Antonescu, on Tuesday stated that president Klaus Iohannis should have terminated his mandate as soon as the new Parliament was configured, in the context in which "he doesn't at least communicate with the people.""For the […]
