Romania : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Finding and Recommendations

The diagnostic review on consumer protection and financial literacy in Romania is the fourth in a World Bank-sponsored pilot program to assess consumer protection and financial literacy in developing and middle-income countries. The objective of this review are three-fold to: (1) refine a set of good practices for assessing consumer protection and financial literacy, including financial literacy; (2) conduct a review of the existing rules and practices in Romania compared to the good practices; and (3) provide recommendations on ways to improve consumer protection and financial literacy in Romania. The diagnostic review was prepared at the request of National Authority for Consumers Protection (ANPC), whose request was endorsed by the Ministry of Economy and Finance. Support was provided by the National Bank of Romania (BNR), which supervises banks and non-bank credit institutions. Further assistance was given by supervisory commissions for securities (CNVM), insurance (CSA) and private pensions (CSSPP). Volume one notes the importance of consumer protection and finical literacy, provides statistics on the size and growth of the retail financial sector in Romania, describes the EU and Romanian strategies on consumer protection and financial literacy, and sets out the key finding and recommendations of the review. Annex one lists all recommendation in the diagnostic review from both volumes and notes which recommendations relate to European Union (EU) Directives or European Commission (EC) recommendations and which are taken from the good practices annex two provides two sample consumer protection code: one for the banking securities, insurance and pensions sectors; and another for non-bank credit institutions. Annex three lists the key lawn and institutions related to financial consumer protection in Romania and annex four indicates which Romanian laws have incorporated the EU Directives on financial consumer protection. Volume two provides: (1) a detailed analysis of the key consumer protection issues in five segments of financial sector - banking, securities, insurance, private pensions, and non-bank credit intuitions; (2) an assessment of the Romanian consumer protection framework and practices compared to the template of good practices; and (4) a brief survey of financial literacy programs worldwide.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2009-07
Subjects:	ACCESS TO EDUCATION, ACCOUNTING, ADULT LITERACY, ADULT POPULATION, AGE GROUP, AGRICULTURAL EMPLOYMENT, AGRICULTURAL PRODUCTIVITY, AGRICULTURAL PRODUCTS, AGRICULTURAL SECTOR, AGRICULTURAL WAGE, AGRICULTURAL WORKERS, BASIC EDUCATION, CASH CROPS, CHILD LABOR, CHILD MORTALITY, CHILD MORTALITY RATE, COMPARABILITY ISSUES, COST EFFECTIVENESS, CRISES, CROWDING OUT, DEMOGRAPHIC PRESSURES, DEPENDENCY RATIOS, DEVELOPING COUNTRIES, DISCRIMINATION, DROUGHT, EARNING, EARNINGS GROWTH, EARNINGS INEQUALITY, ECONOMIC CONDITIONS, ECONOMIC GROWTH, ECONOMIC VOLATILITY, EDUCATION SYSTEMS, EMPLOYMENT, EMPLOYMENT CREATION, EMPLOYMENT DYNAMICS, EMPLOYMENT GROWTH, EMPLOYMENT INCREASE, EQUAL ACCESS, EXPORT PROCESSING ZONES, EXTREME POVERTY, FAMILY LABOR, FAMILY PLANNING, FARM ACTIVITIES, FARM ACTIVITY, FARM INCOME, FINANCIAL MARKETS, FIRM GROWTH, FIRM SIZE, FOOD CONSUMPTION, FOOD INSECURITY, FOOD SECURITY, FOREIGN DIRECT INVESTMENT, FORMAL EDUCATION, FULL EMPLOYMENT, GENDER DIFFERENCES, GENDER DISPARITIES, GENDER GAP, GENDER ISSUES, GREEN REVOLUTION, HIGH EMPLOYMENT, HIGH POPULATION GROWTH, HOUSEHOLD ENTERPRISES, HOUSEHOLD INCOME, HOUSEHOLD NEEDS, HOUSEHOLD POVERTY, HOUSEHOLD SURVEYS, HOUSEHOLD VULNERABILITY, HUMAN CAPITAL, HUMAN DEVELOPMENT, IMMIGRANTS, IMPACT ON POVERTY, INCOME INSECURITY, INCOME SECURITY, INCOME SUPPORT, INEXPERIENCED WORKERS, INFORMAL SECTOR, INSURANCE, JOB CREATION, JOB MARKET, JOB OPPORTUNITIES, JOBS, KNOWLEDGE BASE, LABOR DEMAND, LABOR EARNING, LABOR FORCE, LABOR LAWS, LABOR MARKET, LABOR MARKET ARRANGEMENTS, LABOR MARKET CONDITIONS, LABOR MARKET INDICATORS, LABOR MARKET INSTITUTIONS, LABOR MARKET OUTCOMES, LABOR MARKET POLICIES, LABOR MARKET REGULATIONS, LABOR MARKETS, LABOR MOBILITY, LABOR PRODUCTIVITY, LABOR REGULATIONS, LABOR RESOURCES, LABOR SUPPLY, LABOUR, LABOUR MARKET, LACK OF INFORMATION, LACK OF SKILLS, LARGE CITIES, LEVEL OF EDUCATION, LEVELS OF EDUCATION, LIFE EXPECTANCY, LIVING STANDARDS, LOW UNEMPLOYMENT, LOW UNEMPLOYMENT RATES, MACROECONOMIC STABILITY, MALNUTRITION, MANPOWER, MARKET WAGES, MINIMUM WAGE, MINIMUM WAGES, MODERATE UNEMPLOYMENT, MORTALITY, NATIONAL POVERTY, NATIONAL POVERTY LINE, NATURAL RESOURCES, NET JOB CREATION, NON-FARM SECTOR, OCCUPATION, OCCUPATIONS, OPEN UNEMPLOYMENT, OUTPUTS, PAYING JOBS, PERMANENT JOBS, POOR ADULTS, POOR CHILDREN, POOR HOUSEHOLDS, POPULATION ESTIMATES, POPULATION INCREASE, POST SECONDARY EDUCATION, POVERTY IMPACT, POVERTY LEVELS, POVERTY MAPPING, POVERTY RATES, POVERTY REDUCTION, POVERTY REDUCTION STRATEGIES, POVERTY REDUCTION STRATEGY, POVERTY RISK, PRIMARY EDUCATION, PRIMARY LEVEL, PRIVATE SECTOR, PRIVATE SECTOR WORKERS, PRODUCTIVE EMPLOYMENT, PRODUCTIVE SECTOR, PRODUCTIVITY GROWTH, PRODUCTIVITY LEVELS, PROGRESS, PROTECTING WORKERS, PUBLIC SECTOR JOBS, PUBLIC WORK, PUBLIC WORKS, PUBLIC WORKS PROGRAMS, RURAL, RURAL AREAS, RURAL DEVELOPMENT, RURAL ECONOMY, RURAL FAMILIES, RURAL HOUSEHOLDS, RURAL INCOMES, RURAL LABOR, RURAL LABOR MARKETS, RURAL POOR, RURAL POPULATION, RURAL POVERTY, RURAL SECTOR, RURAL WORKERS, SAFETY, SAFETY NET, SAFETY NETS, SALARIED WORKERS, SAVINGS, SCHOOL AGE, SECONDARY LEVELS OF EDUCATION, SELF EMPLOYED, SELF EMPLOYMENT, SERVICE SECTOR, SIGNIFICANT POLICY, SKILLS DEVELOPMENT, SUBSISTENCE FARMING, TARGETING, TECHNICAL CAPACITY, TERTIARY LEVELS, TOTAL EMPLOYMENT, TRAINING PROGRAMS, TRANSPORTATION, UNEMPLOYED, UNEMPLOYED WORKERS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, UNIVERSITY EDUCATION, UNPAID FAMILY WORKERS, UNSKILLED LABOR, URBAN AGGLOMERATIONS, URBAN AREAS, URBAN CENTERS, URBAN MIGRATION, URBAN POPULATION, URBAN POPULATION GROWTH, URBAN POVERTY, URBAN WORKERS, VOCATIONAL TRAINING, VULNERABILITY, VULNERABLE GROUPS, WAGE GAP, WAGE SECTOR, WORK FORCE, WORKER, WORKERS, WORKING POOR, WORKING POPULATION, YOUNG POPULATIONS, YOUNG WORKERS,
Online Access:	http://documents.worldbank.org/curated/en/2009/07/16366912/romania-diagnostic-review-consumer-protection-financial-literacy-vol-1-2-key-finding-recommendations https://hdl.handle.net/10986/12915
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