The European Systemic Risk Board (ESRB) was established by 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.
The ESRB is responsible for 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. The ESRB also contributes to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.
The ESRB is supposed to identify systemic risks and to issue warnings against such risks and recommendations in order to prevent crisis situations.
The CNB is actively represented in both the General Board and the Advisory Technical Committee of the ESRB.