Press Release
on the Meeting of the National Committee for Financial Stability
09.04.2009
On 6 April 2009, the ordinary meeting of the National Committee for Financial Stability was held.
The meeting was attended by Mr. Mugur Isărescu, governor of the National Bank of Romania and chairman of the National Committee for Financial Stability, Mr. Bogdan Drăgoi, secretary of state in the Ministry of Public Finance, Mrs. Gabriela Anghelache, president of the National Securities Commission, Mrs. Angela Toncescu, president of the Insurance Supervisory Commission, and Mr. Mircea Oancea, president of the Private Pension Supervision Commission.
The participants examined the key measures that have been taken recently with a view to strengthening financial stability at national and international level. In this context, talks focused on the terms of the multilateral precautionary arrangement agreed between Romania and the International Monetary Fund, the European Union, the World Bank, and the European Bank for Reconstruction and Development.
The members of the National Committee for Financial Stability also discussed the reform proposals regarding financial supervision in the European Union based on the document prepared by the High-Level Expert Group chaired by Jacques de Larosière and the European Commission's views as stated in the Communication of 4 March 2009. In this context, there were exchanges of views about the need to strengthen macroprudential stability within the European Union for detecting and preventing systemic risks and to achieve a functional balance between domestic and European tasks in the field of microprudential supervision.
At the same time, members of the National Committee for Financial Stability discussed the outcome of the G20 meeting in London, in particular issues related to the strengthening of financial stability and an increased role of international financial institutions.