The developments posted over the last years by the Romanian financial system called for the co-operation among the authorities in charge of licensing, regulating, supervising and controlling the component markets of the financial system in order to ensure the transparency, stability and integrity of the whole system, the compliance with the applicable legal framework, as well as the expansion of the national financial stability framework.

The EU requirements on financial crisis management ask for an agreement of co-operation between all national financial supervisors, central bank and finance ministry. The major goal of the domestic standing group would be to ensure the exchange of information between the authorities, as well as to prevent, appraise and manage possible difficulties having a systemic impact. In order to comply with these requirements, on 31 July 2007, the Ministry of Finance, the National Bank of Romania, the National Securities Commission, the Insurance Supervisory Commission and the Private Pension Scheme Supervisory Commission signed, a Memorandum of Understanding for cooperation in the field of financial stability and financial crisis management, under which it was established the National Committee for Financial Stability.

The Committee consists of the following members: the Minister of Public Finance, the Governor of the National Bank of Romania, the President of the Financial Supervisory Authority (The Financial Supervisory Authority was established as the authority, exercising its duties by taking over and reorganizing all duties and powers of the National Securities Commission, the Insurance Supervisory Commission and the Private Pension System Supervisory Commission) and the Chairman of the Bank Deposit Guarantee Fund.

The key responsibilities of the National Committee for Financial Stability are to promote a steady and efficient information exchange between the sectorial financial supervisors and the Ministry of Public Finance and the Bank Deposit Guarantee Fund, and to appraise, prevent and, where appropriate, manage financial crises at individual financial institutions level, financial groups level or financial market as a whole. Mention should be made that co-operation under the Memorandum will be carried out without prejudice to the powers and responsibilities of the signatories, as arising from the legislation governing their activity.

In addition, the National Bank of Romania participates alongside other Member States to strengthen the framework set by the European Union in managing financial crisis. On 1 August 2007, the Governor of the National Bank of Romania signed the Statement of Adherence to the Memorandum of Understanding on high-level principles of co-operation in crisis management situations (signed by the EU countries in 2003) and to the Memorandum of Understanding on co-operation between payment systems overseers and banking supervisors (signed by the EU countries in 2001).

Furthermore, on 1 June 2008, came into force the Memorandum of Understanding between the authorities responsible for financial supervision, central banks, and finance ministries from the European Union members in the field of cross-border financial stability. On behalf of Romania, the Memorandum was signed by the National Bank of Romania, the Ministry of Economy and Finance, the National Securities Commission, the Insurance Supervisory Commission and the Private Pension Scheme Supervisory Commission. This memorandum replaced the Memorandum of Understanding on co-operation between the authorities responsible for financial supervision, central banks, and finance ministries from the European Union in the area of financial crisis management, which was signed in 2005. The new agreement encompasses: common principles for cross-border financial crisis management; a common analytical framework to assess the systemic implications of potential crises, with a view to ensuring a common terminology applicable to cross-border financial crises by all relevant authorities and laying the groundwork for the timely carrying out of the necessary assessments to facilitate the decision-making process in crisis situations; a crisis management practical guide, reflecting a common understanding of the stages and procedures in a cross-border crisis situation.