European Systemic Risk Board

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European Systemic Risk Board
Agency overview
Formed December 16, 2010 (2010-12-16)
Jurisdiction European Union
Headquarters Eurotower, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany
Agency executive Mario Draghi, Chair of the ESRB
Parent agency European Central Bank
Key documents Regulation (EU) No 1092/2010
Council Regulation (EU) No 1096/2010
Website www.esrb.europa.eu

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 European Union in order to contribute to the prevention or mitigation of systemic risks 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 an independent body of the EU and it is part of the European System of Financial Supervisors (ESFS), the purpose of which is to ensure the supervision of the EU’s financial system. The ESRB is hosted and supported by the European Central Bank.

Overview[edit]

The operation of the board has been entrusted to the European Central Bank and the first Chair of the ESRB was Jean-Claude Trichet. Currently the ESRB is chaired by Mario Draghi, the new 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 and supervisors.

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