Law on National Committee for Macroprudential Supervision establishment, rejected by Senate

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The law establishing the National Committee for Macroprudential Supervision was rejected by the Romanian Senate, the first decisional chamber, on November 10, Adrian Vasilescu, advisor to the governor of the National Bank of Romania (BNR) announced on Tuesday.

“24 countries in EU adopted the law and founded this institution. In the other four, namely in Spain, Italy, Poland and Romania, it’s at the stage of draft law. Romania has issued a draft law by the decision of the Government this summer,” Vasilescu explained.

However, the next decision belongs to the Chamber of Deputies.

According to him, at the European Union level too, there was set up such a body – European Systemic Risk Board (ESRB) – contributing to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. EU has issued a recommendation that each state must to establish a similar committee.

As recommended, this institution could be set up within the National Bank or the Financial Supervisory Authority, or as an independent body. Romania chose the third option, but this was rejected in Parliament.

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