Press Release on the Meeting of the National Committee for Financial Stability
11.11.2011
The ordinary meeting of the National Committee for Financial Stability took place on 10 November 2011.
Mr. Mugur Isărescu, Governor of the National Bank of Romania and Chairman of the National Committee for Financial Stability, Mr. Gheorghe Ialomiţianu, Minister of Public Finance, Mrs. Gabriela Anghelache, President of the National Securities Commission, Mr. Constantin Buzoianu, President of the Insurance Supervisory Commission, and Mr. Mircea Oancea, President of the Private Pension System Supervisory Commission attended the meeting.
The members of the National Committee for Financial Stability examined the developments in the Romanian financial sector and the external environment, as well as the conclusions of the European Summit of 26 October 2011 and of the G20 meeting of 3‑4 November 2011, including the main provisions of the draft directive on a common system of financial transaction tax in the European Union.
During the discussions, the participants underscored that stability of the Romanian financial sector was preserved, in spite of the escalating sovereign debt crisis in the euro area and the mixed signals on global economic recovery. The Romanian authorities continued to strengthen action mechanisms, in line with the commitments under the agreements signed with international financial institutions, with a view to maintaining financial stability.
Furthermore, the members of the National Committee for Financial Stability discussed the conclusions of the recent mission of the European Commission, the International Monetary Fund and the World Bank, and identified common lines of action to further enhance the Romanian financial sector’s resilience to shocks. Against this background, the members of the National Committee for Financial Stability decided to strengthen the institutional framework for ensuring financial stability in Romania by also granting membership to the Bank Deposit Guarantee Fund.