European Systemic Risk Board (ESRB)

The ESRB was created by Regulation (EU) No 1092/2010 of 24 November 2010. It is in charge of the macro-prudential oversight of the financial system within the Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system and taking into account macro-economic developments, so as to avoid periods of widespread financial distress. 


For this purpose, the ESRB shall carry out the following tasks: 

  • determining, collecting and analysing all the relevant and necessary information;
  • identifying and prioritising systemic risks;
  • issuing warnings where such systemic risks are deemed to be significant and, where appropriate, make those warnings public;
  • issuing recommendations for remedial action in response to the risks identified and, where appropriate, making those recommendations public;
  • monitoring the follow-up to warnings and recommendations;
  • cooperating closely with all the other parties to the European System of Financial Supervision (ESFS); 
  • coordinating its actions with those of international financial organisations, as well as the relevant bodies in third countries on matters related to macro-prudential oversight;

Useful document

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

Useful link