The European Systemic Risk Board (ESRB): the European Way towards Systemic Risk

The need to complement the microprudential supervision with a more structured macroprudential oversight aiming at controlling systemic risk is a lesson drawn from the crisis. At the EU level, this has led to the set up of a European Systemic Risk Board (ESRB) in which both the ECB and the national central banks will be deeply involved. Jointly with the three ESA (European Supervisory Authorities), the ERSB will be a major part of the European System of Financial Supervisors (ESFS). Given the current tensions in the financial markets, it is of the highest importance that the ESRB should be able to establish very quickly its credibility and reputation in the EU but also at the international level in its future relations with the American FSOC and the IMF.