European Systemic Risk Board: EU authority aims to head off crises

The legislation establishing the European Systemic Risk Board (ESRB) came into force on the 16 December 2010. The seat of the ESRB is in Frankfurt am Main and its Secretariat is provided by the European Central Bank (ECB).

The ESRB is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. It shall contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. The ESRB shall also contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

The General Board of the ESRB had its inaugural meeting on 20 January 2011.

EurActiv, 21.1.11: Doubts over Europe's new financial watchdog http://www.euractiv.com/euro-finance/doubts-europes-new-financial-wat-news-501458

ECB: Press Release, 20.1.11: European Systemic Risk Board holds inaugural meeting http://www.ecb.int/press/pr/date/2011/html/pr110120.en.html

Website: The European Systemic Risk Board (ESRB) http://www.esrb.europa.eu/

ESO: Background information: Deal paves way for pan-EU financial watchdogs / London fears Brussels reform will shift power http://www.europeansources.info/record/deal-paves-way-for-pan-eu-financial-watchdogs-london-fears-brussels%e2%80%89reform-will%e2%80%89shift%e2%80%89power/

ECB: Press Release, 16.12.10: European Systemic Risk Board established http://www.ecb.int/press/pr/date/2010/html/pr101216_3.en.html

ESO: Background information: EU lets financial watchdogs off the leash http://www.europeansources.info/record/eu-lets-financial-watchdogs-off-the-leash/

European Commission: DG Internal Market and Services: General policy: Financial Services Committee Architecture http://ec.europa.eu/internal_market/finances/committees/index_en.htm

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