European System of Financial Supervision

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The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union in operation since 2011. First proposed by the European Commission in 2009 in response to the financial crisis of 2007–2010, it created the European Supervisory Authorities and the European Systemic Risk Board.[1] The European System of Financial Supervision is sometimes abbreviated ESFS.

European Supervisory Authorities[edit]

There are three European Supervisory Authorities (ESAs):

European Systemic Risk Board[edit]

To complement these authorities, there is a European Systemic Risk Board (ESRB), under the responsibility of the European Central Bank.


A deal to set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt received backing from the European Parliament in September 2010, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors.[2]

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