## Romania: Financial Sector Assessment Program-Technical Note-Macroprudential Policy Framework and Tools

_IMF Staff Country Reports, June 8, 2018_

## Source details

**Canonical URL:** [Romania: Financial Sector Assessment Program-Technical Note-Macroprudential Policy Framework and Tools](https://www.imf.org/en/publications/cr/issues/2018/06/08/romania-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-45967)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/06/08/romania-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-45967/index.md)
- [Structured JSON version](/en/publications/cr/issues/2018/06/08/romania-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-45967/index.json)
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## Bibliographic details
- Published: June 8, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484360736.002

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### Overview
- This Technical Note analyzes the implementation of macroprudential policy framework and tools in Romania.
- Publication date: June 8, 2018.
- The National Bank of Romania (NBR) has a long experience in implementing macroprudential policy measures.
- The NBR monitors several indicators to assess the build-up of systemic risk, many of which are derived from the nation-wide credit register and related data sources.

### Key findings
- The institutional framework for macroprudential policymaking has recently been revised and contains a clear mandate and well-defined objectives.
- NBR’s role seems constrained despite the revised framework.
- The macroprudential policy toolkit should be strengthened further to address risks identified in the Financial Sector Assessment Program’s risk analysis.
- The systemic risk buffer should be calibrated carefully to address risks stemming from the strong sovereign-bank nexus.

### Monitoring, indicators, and data sources
- NBR monitors several indicators to assess the build-up of systemic risk.
- Many indicators are derived from the nation-wide credit register and related data sources.

### Policy recommendations
- Strengthen the macroprudential policy toolkit to address identified risks.
- Carefully calibrate the systemic risk buffer to address risks stemming from the strong sovereign-bank nexus.

### Subjects and keywords (as listed)
- Subject: Banking, Credit, Financial institutions, Financial sector policy and analysis, Macroprudential policy, Money, Mortgages, Systemic risk, Systemic risk assessment
- Keywords: banks' balance sheets, CR, Credit, equity holding, funding pattern, FX bank lending, FX liquidity risk, FX loan, Global, ISCR, Macroprudential policy, Mortgages, parent bank, sovereign-bank nexus, Systemic risk, Systemic risk assessment

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## Content in this bundle

- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2018/06/08/romania-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-45967_