This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 18 June 2024. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) examining the regular analysis on the recalibration of the countercyclical capital buffer, (ii) complying with Guidelines EBA/GL/2023/10 amending Guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators, (iii) not applying through voluntary reciprocity the macroprudential policy measure adopted by Portugal, and (iv) keeping the Republic of Moldova’s material third country status for the Romanian banking sector in relation to the recognition and setting of countercyclical buffer rates. Moreover, the NCMO General Board was informed of: (i) the regular analysis on the recalibration of the systemic risk buffer, (ii) the systemic risks to financial stability identified by NCMO member authorities as per their specific area of competence, and (iii) the financing of companies and households. The NCMO General Board approved NCMO Recommendation No. R/2/2024 on the countercyclical capital buffer. Specifically, the buffer rate is kept at 1 percent, amid a risk environment dominated by geopolitical uncertainty. The banking sector’s adequate liquidity and solvency levels allow maintaining the capital reserves and Romania’s aligning with the EU-wide trend of using macroprudential instruments to enhance the resilience of credit institutions. The NCMO General Board also approved NCMO Recommendation No. R/3/2024 on compliance with Guidelines EBA/GL/2023/10 amending Guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators. The NCMO recommendations and decisions were unanimously approved by the NCMO General Board. The NCMO 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.
Two Romanians were arrested during Sunday night, May 11, after robbing empty houses in the evacuated mountain village of Brienz located in the Swiss canton of Graubünden. The village had been evacuated since November due to rock falls. The locality was, however, monitored by the authorities to prevent break-ins. The would-be thieves apparently tried to […]
The European Bank for Reconstruction and Development, or EBRD, has revised its estimates regarding the evolution of the Romanian economy in 2025 downward to 1.6%. The bank expects Romania’s GDP to grow 0.2% less than the 1.8% estimate made in February, and to increase by 2.4% in 2026. Romania's GDP growth slowed to 0.8% in […]
During a meeting on Monday, May 12, the Cluj-Napoca Local Council approved a draft resolution that imposes smoking restrictions in several public spaces in the city, including public transport stations, parks, and sports facilities. The resolution was adopted with 22 votes in favor and 3 abstentions, and will come into effect 90 days from the […]
An internal survey by Romanian Business Leaders, which does not have national representativeness but was answered by 417 entrepreneurs, shows that 62% of entrepreneurs expect to have to make layoffs, while a third expect the number of employees to remain the same. The expected layoffs are directly connected to the possibility of Romania choosing a […]
Romanian Istvan Kovacs will be the main referee for the UEFA Champions League final between Paris St-Germain and Inter Milan, which will be played on May 31 in Munich. The match will be Kovacs’ third European final in the last 4 years. The 40-year-old referee has previously officiated the UEFA Europa Conference League final in […]
Over 70 museums across Romania will open their doors after hours for the 21st edition of Night of Museums, one of the country's most anticipated cultural events. Held on the night of May 17, the event offers visitors a unique opportunity to explore exhibitions, installations, and creative activities in an unconventional, late-night setting. From major […]
