European Systemic Risk Board

The European Systemic Risk Board (ESRB) was established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

The ESRB is an independent 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. The ESRB is hosted and supported 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.[1]

European Systemic Risk Board
Agency overview
FormedDecember 16, 2010
JurisdictionEuropean Union
HeadquartersSeat of the European Central Bank, Sonnemannstrasse 20, 60311 Frankfurt am Main, Germany
Agency executive
Parent agencyEuropean Central Bank
Key documents
Websitewww.esrb.europa.eu

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 Mario Draghi, the new 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.

See also

References

  1. ^ "Glossary: European Systemic Risk Board (ESRB)". Deutsche Bundesbank. Retrieved 11 February 2016.

External links

2014 European Union bank stress test

The European Union-wide banking stress test 2014 was conducted by the European Banking Authority in order to assess the resilience of financial institutions in the European Union to a hypothetical adverse market scenario. In total, 123 major EU banks participated in the exercise. 24 banks failed the test with an overall capital shortfall of EUR 24.2 billion under the adverse scenario.

Carlos Costa (banker)

Carlos da Silva Costa (born November 3, 1949 in Oliveira de Azeméis) is a Portuguese economist and the current governor of the Bank of Portugal since June 7, 2010.

Claudia Maria Buch

Claudia Maria Buch (also Claudia-Maria Buch; born March 1966) is a German economist who currently serves as Vice President of the Bundesbank. She previously worked as professor at the University of Tübingen and served as a member of the German Council of Economic Experts. Buch worked as scientific director at the Institut für Angewandte Wirtschaftsforschung (Institute of Applied Economic Studies) in Tübingen and as chairperson of the economic council at the Federal Ministry of Economics and Technology. Her research focuses on regulation and supervision of banking.

Ernst-Ludwig von Thadden

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European Banking Authority

The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in London. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures. The EBA was established on 1 January 2011, upon which date it inherited all of the tasks and responsibilities of the Committee of European Banking Supervisors (CEBS). After the United Kingdom withdrawal from the European Union referendum the agency is preparing to relocate to Paris.

European Insurance and Occupational Pensions Authority

The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is established under EU Regulation 1094/2010.

EIOPA is one of the three European Supervisory Authorities responsible for microprudential oversight at the European Union level, being part of the European System of Financial Supervision.

European System of Financial Supervision

The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union in operation since 2011. The system consists of the European Supervisory Authorities, the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.

Financial regulation

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Ieke van den Burg

Ieke van den Burg (Dutch pronunciation: [ˈikə vɑn dɛm ˈbɵrx]; March 1952 – 28 September 2014) was a Dutch politician and a Member of the European Parliament (MEP).

Van den Burg was born in Apeldoorn, Gelderland. She was a member of the Labour Party, which is part of the Party of European Socialists, and sat on the European Parliament's Committee on Economic and Monetary Affairs. She was also a substitute for the Committee on the Internal Market and Consumer Protection and a member of the delegation for relations with Australia and New Zealand.

From 2011 to 2014, van den Burg chaired the Brussels-based NGO Finance Watch and was a member of the European Systemic Risk Board's Advisory Scientific Committee. In recognition of her contribution, the European Systemic Risk Board has established an annual research prize dedicated to Ieke van den Burg's memory.Van den Burg died 28 September 2014 in Amsterdam.

Isabel Schnabel

Isabel Schnabel (née Gödde, born 9 August 1971 in Dortmund) is a German economist. She became professor of financial economics at the University of Bonn in 2015 and a member of the German Council of Economic Experts in 2014. She worked previously at the University of Mainz from 2007 to 2015.

Italian Institute for the Supervision of Insurance

The Institute for the Supervision of Insurance (in Italian Istituto per la vigilanza sulle assicurazioni also known as IVASS) is the Italian insurance supervisory authority, an independent authority responsible for supervising and regulating all insurance business in Italy. Effective January 1, 2013, the former insurance authority, ISVAP, transferred all its assets and responsibilities to the Italian Insurance Supervisory Authority, which had a new governance, integrated with that of Banca d'Italia.The President of IVASS is the Senior Deputy Governor of the Banca d'Italia, Salvatore Rossi.

Ivan Iskrov

Ivan Iskrov (Bulgarian: Иван Искров) (born 26 March 1967 in Pirdop) was the governor of the Bulgarian National Bank from October 2003 to July 2015.

Jacques de Larosière

Jacques de Larosière de Champfeu (born 12 November 1929 in Paris) is a French central banker. He is the Chairman of the Strategic Committee of the French Treasury and Advisor to BNP Paribas, became President of the London-based European Bank for Reconstruction and Development in September 1993 in the wake of the scandals that led to the departure of the EBRD's first president, Jacques Attali. He left this position in 1998 after restoring the bank's reputation and credibility. Following the financial crisis, Larosière wrote a report to the European Commission, known as the "Larosière Report", advocating the creation of a “European Systemic Risk Board” to assess information about financial stability.Prior to his EBRD service, Larosière was an able and tough-minded Managing Director of the International Monetary Fund (IMF) from 17 June 1978 to 15 January 1987, and Governor of the Banque de France from 1987 to 1993. In 1992, he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

Larosière is a graduate of the Institut d'Etudes Politiques de Paris, and École nationale d'administration.

He descends from Joseph Thebaud.

Jozef Makúch

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List of financial regulatory authorities by country

The following is an incomplete list of financial regulatory authorities by country.

Liviu Voinea

Liviu Voinea (born June 26, 1975) is a Romanian economist, Deputy Governor of the National Bank of Romania. He served as Minister Delegate for Budget between December 2012 and August 2014. He is also Professor at Academy of Economics, Faculty of International Business. He participated to the Economic and Financial Affairs Council (ECOFIN) meetings of the European Union as Minister Delegate for Budget. As Deputy Governor he participates to the Economic and Financial Committee and European Systemic Risk Board meetings. He was a member of the High Level Working Group on Regulatory of Sovereign Exposures.

Macroprudential regulation

Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). In the aftermath of the late-2000s financial crisis, there is a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective.

Markus Brunnermeier

Markus Konrad Brunnermeier (born March 22, 1969) is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University. He is a faculty member of Princeton's Department of Economics and director of the Bendheim Center for Finance. His research focuses on international financial markets and the macro economy with special emphasis on bubbles, liquidity, financial crises and monetary policy. He promoted the concepts of liquidity spirals, CoVaR as co-risk measure, the paradox of prudence, and the I Theory of Money. He is or was a member of several advisory groups, including to the IMF, the Federal Reserve Bank of New York, the European Systemic Risk Board, the German Bundesbank and the U.S. Congressional Budget Office.

Philip R. Lane

Philip Richard Lane (born 27 August 1969) is an Irish economist who has served as the Governor of the Central Bank of Ireland since November 2015. In this role he is a member of the Governing Council and General Council of the European Central Bank.

He was the professor of international macroeconomics and Director of the Institute for International Integration Studies (IIIS) at Trinity College, Dublin. He studied at Trinity College, Dublin and was elected a scholar in Economic and Social Studies there, before receiving a doctorate in Economics at Harvard University in 1995. He then became Assistant Professor of Economics and International Affairs at Columbia University during 1995-1997, before returning to Trinity College, Dublin in 1997. He remains affiliated with Trinity College as Whatley Professor of Political Economy (on leave). He was a research fellow of the Centre for Economic Policy Research and had been a visiting scholar at the International Monetary Fund and the Federal Reserve Bank of New York and a consultant to the European Commission. He is among the "Top 5% of Economists in the World" according to IDEAS/RePEc.He has also chaired the Advisory Scientific Committee of the European Systemic Risk Board and was Director of the International Macroeconomics and Finance Programme at CEPR. He has also acted as an academic consultant for the European Central Bank, World Bank, OECD, Asian Development Bank and a number of national central banks. In September 2016, he was appointed as chair of the ESRB High-Level Task Force on Safe Assets.

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