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September 25, 2022

Dragnea does not believe National Committee for Macroprudential Supervision can function

The Social Democrat Party’s (PSD) acting chairman Liviu Dragnea said late on Thursday that he does not believe a draft law calling for the setting up of a National Committee for Macroprudential Supervision would function, as he argued it seemed to him a serious fact that the people who will be part of the body might make total decisions regarding the national financial system

“I didn’t know anything about this. What am I to understand, that there no longer is a Government, a Parliament, the Presidency? I do not think such a thing can function. I will look into it, it seems to me a very serious thing. It is unacceptable that nine people, no matter how good or how well-meaning they are, should decide everything, above the Government, above the Parliament”, Dragnea told Antena 3 private news channel.

The Government approved on July 22 a draft law on the macroprudential supervision of the national financial system and decided to set up the National Committee for Macroprudential Supervision to be chaired by the National Bank of Romania’s (BNR) governor Mugur Isarescu, the Romanian executive had announced in a release to Agerpres.

The planned act says that the National Committee for Macroprudential Supervision will be made up from representatives of the BNR, the Authority for Financial Supervision (ASF) and the Government. The Committee will operate as a inter-institutional cooperation structure, without legal personality, its role being to ensure the coordination of the macroprudential supervision at national level.

The decision-making body of the National Committee for Macroprudential Supervision will be the General Council, to include nine members, namely the BNR Governor, First Vice Governor, the two Vice Governors and the Chief Economist; the ASF President and the First Vice President, as well as two Government representatives designated by the Prime Minister.

Also, the director of the Bank System Deposit Guarantee Fund, an institution with responsibilities in the process of solving the situation of the loan institutions in difficulty, will participate in the Committee meetings, without the right to vote.

The General Council members will not be paid for their work.

The draft law stipulates the obligation of maintaining the BNR independence regarding the macro-prudential policy decisions.

The National Committee will also have responsibilities regarding the coordination of financial crisis management in the sense of issuing recommendations with a view to establishing the measures necessary to curb the risk of contamination in case one or more participants in the financial system are facing difficulties with systemic impact, as well as monitoring their implementation.

The recipients of the recommendations of the National Committee for the Macroprudential Supervision are either the BNR and ASF, as sectorial financial supervisory authorities, or the Government of Romania.


“Cazanciuc should have intervened faster in Vaslui rape case”


The acting president of the Social Democrat Party (PSD, major at rule) Liviu Dragnea on Thursday night said that the Justice Minister, Robert Cazanciuc should’ve had a quicker public reaction in the case of the seven young men of Vaslui County accused of raping a 17 y/o woman.

“I believe that Robert Cazanciuc should have been more present in public. (…) As regards those rapists, I think that Robert Cazanciuc should have intervened, should have had a quicker reaction, because there was much emotion and justified emotion and fear. I spoke with a lot of people and they said to me that should other potential rapists who see that those, alike, who have done such a thing are at large, they think they could do the same thing and go free with it. I understood that eventually the authorized institutions have started to move. There was a mistake of Robert Cazanciuc’s, he should have intervened, because it was not an attack on the judiciary. I don’t know what kept him, I’m no longer a member of the Government,” Liviu Dragnea told a late-night Antena 3 broadcast.

Dragnea said he shows solidarity with all the young women who were abused and hoped such incidents would occur much rarely or would not occur at all.

The case of the seven young men of the county of Vaslui who have raped a teenage last year and are investigated under judicial control has stirred lately tough reactions from both public persons and some NGOs. At the same time, citizens from the country and from abroad became solidary with the young victim and offered her suppor.t

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