European Systemic Risk Board

The ESRB is a macro-prudential oversight body of the EU and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lacking juridical personality, the ESRB relies on hosting and support by the European Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the European Commission.

Overview

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 Christine Lagarde, the 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, supervisors and an independent scientific committee.