President Iohannis asks for re-examination of macroprudential draft bill

Newsroom 08/04/2016 | 15:18

Romanian President Klaus Iohannis has asked the Parliament to re-examine the draft bill regarding the macroprudential surveillance of the national financial system, according to Hotnews.ro.  Some of the draft bill’s provisions “lack predictability and clarity, reason why their reanalysis by the Parliament is necessary,” said the President.

According to the draft bill, Mugur Isarescu, Romanian National Bank (BNR) governor, would become the head of a new state institution, The National Committee for Macroprudential Surveillance, which can recommend to the Government to take measures for maintaining financial stability, and the Government “has to take the proper measures,” adds Hotnews. “Both in the Romanian normative system, and in the European one, a recommendation is an act that doesn’t generate an obligation to conform to it,” stated Iohannis.

The draft bill was initiated last year by the Ministry of Finances under the Ponta government, who sent it to the Parliament for debate, with its harshest critics at the time protesting what they called a “super-government” with a weighty opinion on fiscal policy, for example, that would not be held responsible by neither the Parliament nor the voters, adds Hotnews.

The Committee for Macroprudential Surveillance, according to the draft bill, would elaborate the strategy according to macroprudential policy, issue recommendations and warnings for the prevention and diminishing of risks to the stability of the national financial system, monitoring their implementation, with BNR, ASF and the Government being the institutions these recommendations would be addressed to.

Furthermore, the draft bill would have the president of the committee present an annual report to Parliament by June 30 of the next year.

Andreea Tint

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