European Systemic Risk Board

The European Systemic Risk Board (ESRB) is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. The ESRB is located in Frankfurt am Main and its Secretariat is provided by the European Central Bank. The ESRB is responsible for identifying and addressing potential risks to the stability of the EU's financial system, ensuring the resilience of financial institutions, and promoting financial stability.
== History ==
The ESRB was created in response to the 2008 global financial crisis, which highlighted the need for a more comprehensive and coordinated approach to financial regulation and supervision. The EU recognized the importance of a systemic risk board to identify and address potential risks to the financial system, thereby preventing future crises.
The ESRB held its inaugural meeting on Jan. 20, 2011 at the ECB in Frankfurt am Main. The meeting led to a number of decisions on the set-up and functioning of the board.
The Commission of the European Communities produced a proposal for EU-level macro-prudential regulation and supervision back on Sept. 25, 2009. and on Dec. 16 of 2010, the legislation establishing the ESRB was entered into force. 
The general board meets at least four times per year.
== Structure ==
The ESRB is composed of the following members:
*Chairperson: The Chairperson is responsible for leading the ESRB and ensuring the effective implementation of its mandate.
*General Board: The General Board is the decision-making body of the ESRB, comprising high-level representatives from the European Central Bank (ECB), the European Commission, and the national central banks and supervisory authorities of EU member states.
*Steering Committee: The Steering Committee assists the General Board in its decision-making process and provides strategic guidance.
*Advisory Scientific Committee: The Advisory Scientific Committee provides independent advice and expertise to the ESRB on systemic risk issues.
 National Macroprudential Authorities
Country 	 	 	 	
Austria 	Belgium 	Bulgaria 	Croatia 	Cyprus
Czech Republic	Denmark 	Estonia 	Finland 	France
Germany 	Greece 	Hungary 	Iceland 	Ireland
Italy 	Latvia 	Liechtenstein	Lithuania	Luxembourg
Malta 	Netherlands	Norway 	Poland 	Portugal
Romania 	Slovakia 	Slovenia 	Spain 	Sweden
==Key People==
===General Board===
file:Lagarde 300x190.jpg|Christine Lagarde, Chair of the ESRB
file:Rehn 300x190.jpg|Olli Rehn, First Vice-Chair of the ESRB
file:Campa 300x190.jpg|José Manuel Campa, Second Vice-Chair of the ESRB
===Members of the ESRB Steering Committee===
===== Chair of the ESRB General Board =====
*Christine Lagarde, President, European Central Bank
===== First Vice-Chair of the ESRB General Board =====
*Olli Rehn, Governor, Suomen Pankki
===== Second Vice-Chair of the ESRB General Board =====
*Verena Ross, Chair, European Securities and Markets Authority
===== Chair of the Advisory Scientific Committee =====
*Stephen Cecchetti, Professor of International Economics, Brandeis International Business School, Waltham, Massachusetts
===== Chair of the Advisory Technical Committee =====
*Pablo Hernández de Cos, Governor, Banco de España
===== Economic and Financial Committee =====
*Tuomas Saarenheimo, President, European Council
===== European Central Bank =====
Luis de Guindos, Vice-President, European Central Bank
===== European Commission =====
*Klaus Wiedner, Director, Financial Stability, Financial Services and Capital Markets Union, European Commission
===== European Banking Authority =====
*José Manuel Campa, Chair, European Banking Authority
===== European Insurance and Occupational Pensions Authority =====
Petra Hielkema, Chair, European Insurance and Occupational Pensions Authority
===== Denmark =====
*Christian Kettel Thomsen, Governor, Danmarks Nationalbank
===== Estonia =====
*Madis Müller, Governor, Eesti Pank
===== France =====
*François Villeroy de Galhau, Governor, Banque de France
===== Portugal =====
*Mário Centeno, Governor, Banco de Portugal
== References ==