European Systemic Risk Board

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European Systemic Risk Board
ESRB Logo.PNG
Headquarters Frankfurt am Main
Products Independent body responsible for the macro-prudential oversight of the financial system within the EU

The European Systemic Risk Board (ESRB) is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. The ESRB is located in Frankfurt am Main and its Secretariat is provided by the European Central Bank.[1]

History

The ESRB held its inaugural meeting on Jan. 20, 2011 at the ECB in Frankfurt am Main. The meeting led to a number of decisions on the set-up and functioning of the board.[2]

The Commission of the European Communities produced a proposal for EU-level macro-prudential regulation and supervision back on Sept. 25, 2009.[3] and on Dec. 16 of 2010, the legislation establishing the ESRB was entered into force.

The general board meets at least four times per year.

Members and Board

The European Systemic Risk Board (ESRB) has:

  • A general board
  • A steering committee
  • A secretariat
  • An advisory scientific committee
  • An advisory technical committee

The Chair of the ESRB is Jean-Claude Trichet, President of the ECB.

The first vice-chair of the ESRB is Mervyn King, governor of the Bank of England. The second vice-chair of the ESRB will be the chair of the Joint Committee of the European Supervisory Authorities and will be appointed in 2011.[4]


References

  1. Safeguarding Financial Stability In Europe. ESRB.
  2. Press Release. ESRB.
  3. Interinstitutional File:2009/0140(COD. Consilium Europa.
  4. Organization and Structure. ESRB.