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Theoretical and Applied Economics
No. 9 / 2009 (538)

The Implementation of Systemic Risk Management and the Reinforcing of Macro-Prudential Supervision – Vital Elements in Avoiding the Future Occurrence of a Financial Crisis Similar to The Present One

Arion Negrila
The Bucharest Academy of Economic Studies

Abstract. Some of the main reasons that led to the emergence of the ongoing financial crisis stem from insufficient risk management, the de-regulation of financial institutions, the lack of macro-prudential supervision and the implementation of the free/perfect markets model. This article analyzes and discusses both the importance of systemic risk management and macro-prudential supervision and their effect upon the ongoing financial crisis, as well as the recent measures undertaken in this respect at the level of the European Union, USA and G20.

Keywords: systemic risk; macro-prudential supervision; financial crisis; supervision bodies; financial system.

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