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September 25, 2021
BUSINESS

9 members to ensure Macroprudential Supervision, of which five BNR representatives

The Macroprudential Supervisory Committee, which is in charge of financial crisis management, among others, and should have been operational no later than as of July 1, 2013, will finally be set up. The Committee will be run by nine persons, five of which are representatives of the National Bank of Romania (BNR), according to an ordinance draft published by the Ministry of Finance.  Mugur Isarescu, governor of BNR, Florin Georgescu, First Vice-Governor of BNR, Cristian Popa, Vice-Governor of BNR, Bogdan Olteanu, Vice-Governor of BNR, and Valentin Lazea, chief economist at BNR, together with Daniel Daianu, First Vice-President of BNR, and two government officials will be appointed by the Prime Minister to serve the first term as leaders of the future National Macroprudential Supervisory Committee. The BNR governor will act as chairman of this committee. According to the draft issued last fall, the committee’s management team was intended to consist of only eight members and did not include the two vice-governors, but did refer to three Ministry of Finance representatives holding the position of either minister or Secretary of State. The establishment of the Macroprudential Supervisory Committee comes two years after the European Systemic Risk Board issued the recommendation, in December 2011.

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