According to the daily Ziarul Financiar, at the end of 2011, these bodies reported a cumulated deficit of almost 6 million Euros, because of huge staff expenditure. Last week, the Romanian Prime Minister Victor Ponta explained that the new mechanism was needed for our country to get in line with European trends. The advantages of creating the Financial Supervisory Authority, as highlighted by Victor Ponta would be fewer leadership positions, less bureaucracy and coordination with the National Bank of Romania, in order to ensure financial stability at all times, irrespective of political developments.

Moreover, the Prime Minister also stressed, the future president of the Authority would be appointed based on professional, not political criteria. In turn, the Governor of the National Bank of Romania, Mugur Isarescu, has stated that the setting up of this mechanism is a step forward towards a coordinated monitoring, which is necessary for the coming period in Europe. Isarescu has also stressed that the European Central Bank supports the idea of monitoring by the central bank, because this is where the best specialists are, and all commercial banks have their accounts at the central bank.

Such a structure exists in 15 EU member countries, among which Germany, Great Britain, Austria and the Nordic countries. Last week, the EU Finance Ministers reached an agreement under which many of the European banks will be monitored by a single supervisory body. Governments hope that the measure will be an important step towards solving the sovereign debt crisis. The European Central Bank will monitor the most important and most vulnerable credit institutions in the Euro zone, but also in other EU countries that will decide to join the new body next year.