Overall Macroprudential Strategy Framework

During its meeting on 21 May 2018, the General Board of the NCMO approved The Overall Macroprudential Strategy Framework of the National Committee for Macroprudential Oversight (Annex 1). The document sets (i) the ultimate objective of macroprudential policy, (ii) the intermediate objectives pursued to achieve the ultimate goal of macroprudential policy, (iii) the principles underpinning the macroprudential strategy, (iv) the instruments required to effectively and efficiently achieve the intermediate objectives of macroprudential policy, within the jurisdiction of the National Committee for Macroprudential Oversight; (v) the steps of the decision-making process of the macroprudential policy, (vi) the communication process of the macroprudential policy decisions, (vii) cooperation with other European and international institutions.

Also, the NCMO General Board issued NCMO Recommendation No. R/4/2018 on implementing macroprudential instruments for achieving the intermediate objectives included in the Overall Macroprudential Strategy Framework of the National Committee for Macroprudential Oversight, recommending the National Bank of Romania and the Financial Supervisory Authority to implement, where applicable, the macroprudential instruments for achieving the intermediate objectives included in the Overall Macroprudential Strategy Framework of the National Committee for Macroprudential Oversight (according to the Annex 1a) and the Government to support the NCMO’s macroprudential policy for the purpose of safeguarding financial stability.