Joint Committee Annual Report 2021

In 2020, the Joint Committee under the chairmanship of the EBA, continued to have a central role for the coordination and exchange of information between the European Supervisory Authorities (ESAs), the European Commission (EC) and the European Systemic Risk Board (ESRB). Progress continued on other important cross-sectoral areas such as enhancing consumer protection, sustainable finance and joint risk assessment as well as monitoring financial innovation and cyber security. Moreover, the revision of the ESAs’ Founding Regulation required amending the Joint Committee’s rules of procedure. Those now reflect the new requirements for the Joint Committee, notably with regard to its scope, tasks, meeting frequency and transparency.

With the outbreak of the COVID-19 pandemic, the Joint Committee proved to be an active platform to ensured close coordination within the European System of Financial Supervision (ESFS) – and in particular among the ESAs, the ESRB and the EC.