The European Systemic Risk Board (ESRB) is a group established on 16 December 2010 in response to the

euro area crisis The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The ...

. It is tasked with the macro-prudential oversight of the financial system within the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

in order to contribute to the prevention or mitigation of

systemic risk In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the ...

s 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 a macro-prudential oversight body of the EU and it is part of the

European System of Financial Supervision The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemi ...

(ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lacking

juridical person A juridical person is a legal person that is not a natural person but an organization recognized by law as a fictitious person such as a corporation, government agency, non-governmental organisation, or international organization (such as the ...

ality, the ESRB relies on hosting and support by the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

Overview

The operation of the board has been entrusted to the

and the first Chair of the ESRB was Jean-Claude Trichet. Currently the ESRB is chaired by Christine Lagarde, the 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, supervisors and an independent scientific committee.

Ieke van den Burg Prize for research on systemic risk

The ESRB's Advisory Scientific Committee awards the annual Ieke van den Burg Prize for outstanding research conducted by young academics on a topic related to the ESRB's mission. The prize is named in honor of Ieke van den Burg, for her work on financial stability. The winning paper is usually presented at the ESRB Annual Conference and published in the ESRB Working Paper Series.

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
{{Authority control 2010 in the European Union Systemic risk Financial risk European Union financial market policy Financial regulatory authorities Government agencies established in 2010 Organisations based in Frankfurt 2010 establishments in Germany sv:Europeiska systemet för finansiell tillsyn#Europeiska systemrisknämnden

Overview

Ieke van den Burg Prize for research on systemic risk

See also

References

External links