The NCMO meeting of 18 February 2019

The General Board of the National Committee for Macroprudential Oversight (NCMO) convened for a meeting on 18 February 2019. The conclusions of the inter-institutional group comprising representatives of the Ministry of Public Finance and of the National Bank of Romania with regard to Government Emergency Ordinance No. 114/2018 instituting certain measures in the public investment field and certain fiscal and budgetary measures, amending and supplementing some normative acts and extending some deadlines (GEO 114/2018) were presented during the meeting.

Based on the presented material, the NCMO identified solutions for possible scenarios to adapt GEO 114/2018, in compliance with the legislation in force.

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 macroprudential 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.