Despite Significant Progress, the Pace of Banking Sector Reforms Must Be Maintained

The monitored period was marked by the Memorandum with the IMF, changes in the ownership and management of the largest banks, the conversion of the guarantee into public debt, a draft anti-money laundering law, a new financial stability framework and a law on the central depository. These strengthened the sector's resilience and addressed the weaknesses behind the 2014 banking crisis.

Vulnerabilities remain. The experts call for strict compliance with IMF commitments, a strategic approach to the stakes of at least 2 banks and 3 insurance companies put up for sale, and a longer deadline for selling them. They also urge appointing a new head of the National Financial Market Commission, avoiding guarantees issued without cover, and creating a single national register of beneficial owners. Two further studies, on deposit guarantees and the “Prima casă” programme, were also presented.