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Financial Regulation and SupervisionA post-crisis analysis$
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Eddy Wymeersch, Klaus J. Hopt, and Guido Ferrarini

Print publication date: 2012

Print ISBN-13: 9780199660902

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199660902.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 October 2021

A European Framework for Macro-Prudential Oversight

A European Framework for Macro-Prudential Oversight

(p.159) 6 A European Framework for Macro-Prudential Oversight*
Financial Regulation and Supervision

Chryssa Papathanassiou

Georgios Zagouras

Oxford University Press

This chapter discusses the new supervisory framework brought by the reforms of the EU after the 2008 financial crisis, focusing on the formation and duties of the European Systemic Risk Board (ESRB). It explains the organisation's pivotal role in macro-prudential oversight and analyses its special relationship with the European Central Bank and its scope regarding domestic financial markets. The chapter states the tasks and objectives of the ESRB by comparing macro-prudential oversight and micro-prudential supervision, and by describing the agency's instruments. It also illustrates the ESRB's organisational framework that consists of the General Board, Steering Committee, and Secretariat.

Keywords:   European Union, 2008 financial crisis, European Systemic Risk Board, macro-prudential oversight, European Central Bank, micro-prudential supervision, ESRB General Board, ESRB Steering Committee, ESRB Secretariat

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