European Systemic Risk Board

The European Systemic Risk Board (ESRB) was established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

The ESRB is an independent body of the EU and it is part of the European System of Financial Supervisors (ESFS), the purpose of which is to ensure the supervision of the EU’s financial system. The ESRB is hosted and supported by the European Central Bank.

Overview

The operation of the board has been entrusted to the European Central Bank and the first Chair of the ESRB was Jean-Claude Trichet. Currently the ESRB is chaired by Mario Draghi, the new ECB president. In order to take advantage of existing and compatible structures, and to minimise any delay to the commencement of its operations, the ECB provides analytical, statistical, administrative and logistical support to the ESRB, and technical advice is also drawn from national central banks and supervisors.

See also

• European System of Financial Supervisors
• European Securities and Markets Authority
• European Banking Authority
• European Insurance and Occupational Pensions Authority
• List of acronyms: European sovereign-debt crisis

References

External links

• Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24/11/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (the ‘ESRB Regulation’)
• Council Regulation (EU) No 1096/2010 of 17/11/2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board
• Larosière report
• Rules of procedure of the ESRB
• Code of conduct of the ESRB