The General Board of the National Committee for Macroprudential Oversight (NCMO) convened on 26 February 2018. Issues focusing on macroprudential policy and systemic risk were discussed during the meeting.

Furthermore, according to NCMO’s legal powers, issues related to its organisation and functioning and the composition of its technical committees, namely the Technical Committee on Systemic Risk and the Technical Committee on Financial Crisis Management, were discussed.

The next meeting is scheduled for April 2018.

The National Committee for Macroprudential Oversight 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 macro-prudential 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.