EN ECB -PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 3 June 2013   
on the macro -prudential oversight of the national financial system  
(CON/20 13/39) 
 
Introduction and legal basis  
On 3 Ma y 2013 , the European Central Bank (ECB) received a request from Banca Naţională a Rom âniei 
(BNR) for an opinion on a draft emergency ordinance on the macro -prudential oversight of the national 
financial system (hereinafter the ‘draft emergency ordinance ’). 
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of  the Treaty on the 
Functioning of the European Union and the third and sixth indents of Article  2(1) of Council Decision 
98/415/EC of 29  June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisio ns1, as the draft emergency ordinance relates to Banca Naţională a 
României and rules applicable to financial institutions insofar as they materially influence the stability of 
financial institutions and markets . In accordance with the first sentence of Ar ticle 17.5 of the Rules of 
Procedure of the European Central Bank, the Governing Council has adopted this opinion.  
 
1.  Purpose of the draft emergency ordinance  
The draft emergency ordinance establishes the National Committee for Macro -prudential Oversight  
(hereinafter the ‘Committee ’) mandated  to coordinate macro -prudential oversight of the national financial 
system by defining macro -prudential policy and determining the a ppropri ate instruments for its 
implementation2. The Committee’s primary objective is to contribute to the safeguarding  of financial 
stability by strengthening the resilience of the financial system and decreasing the build -up of systemic 
risks, thereby ensuring a sustainable contribution of the financial sector to economic growth . The 
Comm ittee is also entrusted with : (a) coordinatin g financial cris is management ; (b) supervisin g 
implementation of E uropean Systemic Risk Board (ESRB)  recommendations and measures taken at 
national level as a follow -up to ESRB warnings ; (c) collaboratin g and ex chang ing information with the 
micro -prudential supervisory authorities, relevant authorities in the other Member States and the ESRB.  
                                                 
1  OJ L 189, 3.7.1998, p.  42. 
2  Currently, in Romania, macro -prudential policy at national level is  not explicitly regulated in national  legislation. 
Oversight of the national financial system is p erformed by BNR  (for the credit institutions sector) and the Financial 
Supervisory Authority (for the capital market, insurance and private pensions sector). The legislation governing the 
activity of the two natio nal supervisory authorities p rovides for their respective  task of m aintaining  the financial stability 
of the respective sectors . No single authority is entrusted with the exclusive c ompetence  of safeguarding the overall 
stability of the financial system.  
ECB -PUBLIC  
2 The Committee is a n entity  without legal personality designed as a structure  for inter -institutional 
cooperation3. It consists of representatives from BNR, the Financial Supervisory Authority  (FSA)  and the 
Ministry of Public Finances . It has the following governing bodies : the General Board, a technical 
committee on systemic  risk, a technical committee on financial crisis management and a Secretariat 
provided by BNR.  
BNR ’s Governor is the president of the Committee , as well as the chairperson of the General Board , 
which will include two more representatives of BNR’s executive management , the FSA’s  chairperson and 
the Minister for Public Finance.  The chairperson of the Bank Deposit Guarantee Fund also attends the 
meetings, but has no voting right . 
Where a potential risk to financial stability is identified based on the assessmen ts conducted, the 
Committee may issue recommendatio ns and warnings to national micro -prudential supervisory authorities 
for a policy response . It may also  issue recommendations to the Government for legislative initiatives 
aimed at safeguarding financial stability . The President of the Committee submits the Committee’s annual 
report to Parliament by 30 June of the following  year. 
 
2. General observations  
The consulting authority ask ed for an  ECB opinion on an urgent basis4. The ECB draws the consulting 
authority’s attention to the second sentence of Article  4 of Decision 98/415/EC pursuant to which the 
ECB must be consulted ‘at an appropriate stage’ in the legislative process. This implies that the 
consultation should take place at a point in the legislative process that affords the ECB sufficient time to 
carefully examine the draft legislative provisions and to adopt its opinion in the required language 
versions and which also enables the relevant national authorities to take the ECB’s opinion into 
consideration before the draft legislative provisions are ad opted.  
 
3. Specific observations  
3.1 The Committee’s tasks include identifying systemically -relevant financial institutions and any 
other tasks related to macro -prudential oversight, as specified in Union legal acts5. Under t he 
proposed directive on access  to the activity o f credit institutions  and the prudential supervision  of 
credit institutions and investment firms6 (hereinafter the ‘proposed directive’) , Member States are 
to designate a public authority that is responsible for setting the countercyclica l buffer rate for that 
Member State7. Such a designated authority may also be attributed the task of identifying 
                                                 
3  Article 1 of the draft emergency ordinance.  
4  Due to the deadline of 1 July  2013  for the implementation of Recommendation ESRB/2011/3  of the European Systemic 
Risk Board  on the macro -prudential mandate of national authorities  (OJ C 41, 14.2.2012, p. 1) . 
5  Article 3(1) of the draft emergency ordinance . 
6  Proposal for a Directive of the European Parliament and of the Council on the access to the activity of credit institutions 
and the prudential supervision of credit institutions and investment firms an d amending Directive 2002/87/EC of the 
European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings 
and investment firms in a financial conglomerate  (2011/0203 (COD)  available at: 
http://register.co nsilium.europa.eu/pdf/en/13/st07/st07746.en13.pdf ). 
7  Article 126(1) of the proposed directive.  
ECB -PUBLIC  
3 systemically important institutions8, setting a systemic risk buffer9 or taking specific measures to 
address macro -prudential concerns10. The la tter tasks may also be attributed to the competent 
authority. The ECB understands  that the draft emergency ordinance may have to be reviewed  upon 
entry into force of the proposed directive  and proposed regulation11 to determin e whether the 
Committee is a de signated authority and to reflect the tasks laid down thereof  for designated 
authorities.  
3.2 The ECB welcomes the express provision s of th e draft emergency ordinance stating  BNR’s 
independence  with regard to macro -prudential policy decisions12 and the ins titutional independence 
of the Committee13, in line with Article 130 of the Treaty,  
3.3 This opinion does not prejudice the conclusions of the follow -up assessment of the above  
mentioned recommendation , which the ESRB will issue in accordance with Article 1 7 of  
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of  
24 November  2010 on European Union macro -prudential oversight of the financial system and  
establishing a European Systemic Risk Board14. 
 
This opinion will be p ublished on th e ECB’s website.  
 
 
Done at Frankfurt am Main, 3 June  2013 . 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
                                                 
8  Article 124a of the proposed directive.  
9  Article 124d of the proposed directive.  
10 Article 443a of the proposal for a regulation of the European Parliamen t and of the Council  on prudential requirements 
for credit institutions and investment firms  (2011/0202 (COD)  available at: 
http://register.consilium.europa.eu/pdf/en/13/st07/st07747.en13.pdf ). 
11  See footnote 10.  
12   Article 13 of the draft emergency ordi nance.  
13  Pursuant  to Article 2(2) of the draft emergency ordinance , the Committee and the General Board members may not seek 
or take instructions from public authorities or institutions or any public or private bodies.  
14  OJ L 331, 15.12.2010, p. 1.