03 June 2013

ECB Opinion on the macro-prudential oversight of the national financial system in Romania

On 3 May 2013, the ECB received a request from Banca Naţională a României (BNR) for an opinion on a draft emergency ordinance on the macro-prudential oversight of the national financial system.

The draft emergency ordinance establishes the National Committee for Macro-prudential Oversight (the ‘Committee’) mandated to coordinate macro-prudential oversight of the national financial  system by defining macro-prudential policy and determining the appropriate instruments for its  implementation. The Committee’s primary objective is to contribute to the safeguarding of financial  stability by strengthening the resilience of the financial system and decreasing the build-up of systemic  risks, thereby ensuring a sustainable contribution of the financial sector to economic growth. The  Committee is also entrusted with: (a) coordinating financial crisis management; (b) supervising implementation of European Systemic Risk Board (ESRB) recommendations and measures taken at  national level as a follow-up to ESRB warnings; and (c) collaborating and exchanging information with the micro-prudential supervisory authorities, relevant authorities in the other Member States and the ESRB.

The consulting authority asked for an ECB opinion on an urgent basis. The ECB draws the consulting authority’s attention to the second sentence of Article 4 of Decision 98/415/EC, pursuant to which the ECB must be consulted ‘at an appropriate stage’ in the legislative process. This implies that the consultation should take place at a point in the legislative process that affords the ECB sufficient time to examine carefully the draft legislative provisions and to adopt its opinion in the required language versions, and which also enables the relevant national authorities to take the ECB’s opinion into consideration before the draft legislative provisions are adopted.

Full opinion

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