The European Systemic Risk Board ('

'') is a group established on 16 December 2010 in response to the ongoing

financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...

. It is tasked with the macro-prudential oversight of the financial system within the

European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been ...

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 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 person A juridical person is a non-human legal person that is not a single natural person but an organization recognized by law as a fictitious person such as a corporation, government agency, NGO or International (inter-governmental) Organization (su ...

ality, the ESRB relies on hosting and support by the

European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...

. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...

Overview

The operation of the board has been entrusted to the

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.

Ieke van den Burg Prize for research on systemic risk

The ESRB's Advisory Scientific Committee awards the annual Ieke van den Burg Prize for outstanding research conducted by young academics on a topic related to the ESRB's mission. The prize is named in honor of

Ieke van den Burg Ieke van den Burg (; 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 ...

, for her work on financial stability. The winning paper is usually presented at the ESRB Annual Conference and published in the ESRB Working Paper Series.

References

External links

Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24/11/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (the ‘ESRB Regulation’)

Council Regulation (EU) No 1096/2010 of 17/11/2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board

Larosière report

Rules of procedure of the ESRB

Code of conduct of the ESRB
{{Authority control 2010 in the European Union Systemic risk Financial risk European Union financial market policy Financial regulatory authorities Government agencies established in 2010 Organisations based in Frankfurt 2010 establishments in Germany sv:Europeiska systemet för finansiell tillsyn#Europeiska systemrisknämnden

Overview

Ieke van den Burg Prize for research on systemic risk

See also

References

External links