European Systemic Risk Board
Encyclopedia
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 Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the Union. 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 European Union and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the Union’s financial system. The ESRB is hosted and supported by the European Central Bank.
and the first Chair of the ESRB is Jean-Claude Trichet
, the current president of the ECB. 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.
The ESRB is an independent body of the European Union and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the Union’s financial system. The ESRB is hosted and supported by the European Central Bank.
Overview
The operation of the board has, at least initially, been entrusted to the European Central BankEuropean Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
and the first Chair of the ESRB is Jean-Claude Trichet
Jean-Claude Trichet
Jean-Claude Trichet is a French civil servant who was the president of the European Central Bank, a position he held from 2003 to 2011. He is also a member of the Board of Directors of the Bank for International Settlements...
, the current president of the ECB. 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 Securities and Markets AuthorityEuropean Securities and Markets AuthorityThe European Securities and Markets Authority is a European Union financial regulatory institution and European Supervisory Authority located in Paris....
- European Banking AuthorityEuropean Banking AuthorityThe European Banking Authority is a regulatory agency of the European Union headquartered in London, United Kingdom. Its activities include conducting stress tests on European banks to increase transparency in the European financial system by identifying weaknesses in banks' capital structures...
- European System of Financial SupervisorsEuropean System of Financial SupervisorsThe European System of Financial Supervisors is an institutional architecture of the EU's framework of financial supervision created in response to the financial crisis...
- European Insurance and Occupational Pensions Authority