Financial stability and macroprudential policy

The European Systemic Risk Board

Since its establishment on 2011, the European Systemic Risk BoardOpens in a new window (ESRB) is responsible for the macroprudential oversight of the financial system within the EU in order to contribute to the prevention or mitigation of systemic risk to financial stability. Among its statutory tasks, the ESRB can issue recommendations and warnings on identified risks, and opinions on proposed macroprudential policy measures in EU Member States. The activity of the ESRB aims to contribute to the smooth functioning of the EU’s internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

The ESRB gathers over seventy authorities –central banks and national supervisory authorities (for banking, securities markets, insurance and pension funds) from across the EU/EEA, the European Central Bank (ECB), the European Commission, the three European Supervisory Authorities (EBA, EIOPA and ESMA) , the Single Resolution Board and the Economic and Financial Committee- as well as external academic advisors. The ESRB is supported by a Secretariat located at the ECB, and its decision-making body is the General Board, which relies on various permanent and temporary working structures coordinated by a Steering Committee and an Advisory Technical Committee (ATC). Since July 2019, the ESRB’s ATC is chaired by the Governor of the Banco de España.

As part of its activities, the ESRB produces a range of publications dealing with the evolution and situation of the EU’s financial system, the macroprudential policy measures adopted at the national level and proposals aimed to inform the review of the Union’s financial legislation.

Regular publications:

Other publications and resources: