European Systemic Risk Board
The European Systemic Risk Board and European Systemic Risk Board (English European Systemic Risk Board abbreviated ESRB) is a committee of the European Union (EU) for the early detection, prevention and control of systemic risks within the financial market of the EU. He is an integral part of the existing since 1 January 2011 the European System of Financial Supervisors (English European System of Financial Supervision , abbreviated ESFS). The ESRB Committee is located as a body without legal personality at the European Central Bank (ECB) in Frankfurt am Main .
backgrounds
The committee was set up in response to the financial crisis from 2007 onwards through decisions of the European Parliament and the EU Council in November 2010. It implements the recommendations of the De Larosière report of February 25, 2009 to establish an effective supervisory regime.
tasks
The ESRB's task is to monitor macroeconomic developments in order to identify and contain systemic risks to financial stability in the EU at an early stage. To this end, the ESRB works closely with the three European financial supervisory authorities for banking ( EBA ), insurance ( EIOPA ) and securities ( ESMA ).
In the course of regulating derivatives , the ESRB will in future, together with ESMA, review which OTC products pose too great a systemic risk so that they will have to be traded on an exchange in the future.
See also
- European Banking Authority
- European supervisory authority for insurance and occupational pensions
- European Securities and Markets Authority
- Financial market supervision