European System of Financial Supervision

In today's world, European System of Financial Supervision is a topic of great relevance and interest to a wide audience. From its origins to its impact on society, European System of Financial Supervision has been the subject of study and debate in different areas. Over time, European System of Financial Supervision has evolved and adapted to changes, maintaining its influence on various aspects of daily life. In this article, we will explore the importance of European System of Financial Supervision, analyzing its different dimensions and its relevance in the contemporary world. Through a comprehensive analysis, we will seek to better understand the importance of European System of Financial Supervision and its influence on our society.

Not to be confused with European Banking Supervision.

The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states.[1] It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.

There are three ESAs. They are responsible for microprudential oversight at the European Union level:[2]

To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representatives from the European Central Bank, national central banks and supervisory authorities of EU member states, and the European Commission. The ESRB is based at the ECB in Frankfurt.[3]

History

The European Parliament, in September 2010, backed a deal to set up the European System of Financial Supervision replacing the Committees of Supervisors. The deal set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors.[4]

See also

References

  1. ^ "Glossary: European System of Financial Supervision (ESFS)". Deutsche Bundesbank. Archived from the original on 17 August 2022. Retrieved 11 February 2016.
  2. ^ "Glossary: European Supervisory Authorities (ESAs)". Deutsche Bundesbank. Archived from the original on 16 April 2022. Retrieved 11 February 2016.
  3. ^ "Glossary: European Systemic Risk Board (ESRB)". Deutsche Bundesbank. Archived from the original on 18 May 2022. Retrieved 11 February 2016.
  4. ^ "Europe seals deal on financial supervision". EUobserver. 22 September 2010. Retrieved 19 January 2011.

Further reading