European Systemic Risk Board (ESRB)

The European Systemic Risk Board (ESRB, external link) was established by Regulation (EU) No 1092/2010 (external link) 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 macroprudential oversight of the financial system within the EU and aims to prevent systemic risks to financial stability in the EU or to mitigate such risks. The ESRB also contributes to the proper functioning of the internal market and supports the sustained contribution of the financial sector to economic growth.

The ESRB monitors and assesses systemic risks, issues warnings about these risks and makes recommendations aimed at preventing crisis situations.

The CNB is represented in the ESRB on the General Board (at the level of the Governor and Deputy Governor) and on its Advisory Technical Committee.