The European Systemic Risk Board (ESRB[1]) is a group established on 16 December 2010[2] in response to the financial crisis. It is tasked with the 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. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.
The ESRB is a macro-prudential oversight body of the EU and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lacking juridical personality, the ESRB relies on hosting and support by the European Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the European Commission.[3]
The operation of the board has been entrusted to the European Central Bank and the first Chair of the ESRB was Jean-Claude Trichet. Currently the ESRB is chaired by Christine Lagarde, the ECB president. In order to take advantage of existing and compatible structures, and to minimise any delay to the commencement of its operations, the ECB provides analytical, statistical, administrative and logistical support to the ESRB, and technical advice is also drawn from national central banks, supervisors and an independent scientific committee.
Ieke van den Burg Prize for research on systemic riskedit
The ESRB's Advisory Scientific Committee awards the annual Ieke van den Burg Prize for outstanding research conducted by young academics on a topic related to the ESRB's mission. The prize is named in honor of Ieke van den Burg, for her work on financial stability. The winning paper is usually presented at the ESRB Annual Conference and published in the ESRB Working Paper Series.
List of recipients
Year
Recipient(s)
Title of research paper
Ph.D. alma mater
2015
Claire Célérier and Boris Vallée
The Motives For Financial Complexity: An Empirical Investigation
^Board, European Systemic Risk (Mar 2, 2023). "European Systemic Risk Board". European Systemic Risk Board. Retrieved Mar 19, 2023.
^"REGULATION (EU) No 1092/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL" (PDF). www.esrb.europa.eu. Retrieved Mar 19, 2023.
^. Deutsche Bundesbank. Archived from the original on 18 May 2022. Retrieved 11 February 2016.
External linksedit
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24/11/2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (the ‘ESRB Regulation’)
Council Regulation (EU) No 1096/2010 of 17/11/2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board
Larosière report
Rules of procedure of the ESRB
Code of conduct of the ESRB
January 01, 1970
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This article is about the European financial agency It is not to be confused with Entertainment Software Rating Board The European Systemic Risk Board ESRB 1 is a group established on 16 December 2010 2 in response to the financial crisis It is tasked with the 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 It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth European Systemic Risk BoardAgency overviewFormedDecember 16 2010 2010 12 16 JurisdictionEuropean UnionHeadquartersSeat of the European Central Bank Sonnemannstrasse 20 60311 Frankfurt am Main GermanyAgency executiveChristine Lagarde Chair of the ESRBParent agencyEuropean Central BankKey documentsRegulation EU No 1092 2010Council Regulation EU No 1096 2010Websitewww wbr esrb wbr europa wbr eu The ESRB is a macro prudential oversight body of the EU and it is part of the European System of Financial Supervision ESFS the purpose of which is to ensure the supervision of the EU s financial system As a body lacking juridical personality the ESRB relies on hosting and support by the European Central Bank It includes representatives from the ECB national central banks and supervisory authorities of EU member states and the European Commission 3 Contents 1 Overview 2 Ieke van den Burg Prize for research on systemic risk 3 See also 4 References 5 External linksOverview editThe operation of the board has been entrusted to the European Central Bank and the first Chair of the ESRB was Jean Claude Trichet Currently the ESRB is chaired by Christine Lagarde the ECB president In order to take advantage of existing and compatible structures and to minimise any delay to the commencement of its operations the ECB provides analytical statistical administrative and logistical support to the ESRB and technical advice is also drawn from national central banks supervisors and an independent scientific committee Ieke van den Burg Prize for research on systemic risk editThe ESRB s Advisory Scientific Committee awards the annual Ieke van den Burg Prize for outstanding research conducted by young academics on a topic related to the ESRB s mission The prize is named in honor of Ieke van den Burg for her work on financial stability The winning paper is usually presented at the ESRB Annual Conference and published in the ESRB Working Paper Series List of recipients Year Recipient s Title of research paper Ph D alma mater 2015 Claire Celerier and Boris Vallee The Motives For Financial Complexity An Empirical Investigation Toulouse School of Economics and HEC Paris 2016 Matthias Efing Arbitraging the Basel Securitization Framework Evidence from German ABS Investment University of Geneva Sergey Chernenko uk and Adi Sunderam Liquidity Transformation in Asset Management Evidence from the Cash Holdings of Mutual Funds Harvard University and Harvard University 2017 Marco D Errico and Tarik Roukny Compressing over the counter markets University of Milan and Universite Libre de Bruxelles 2018 Kilian Huber Disentangling the Effects of a Banking Crisis Evidence from German Firms and Counties London School of Economics 2019 Andre F Silva Strategic Liquidity Mismatch and Financial Sector Stability Cass Business School Guillaume Vuillemey The Value of Central Clearing Sciences Po Paris 2020 Marcus Molbak Ingholt Multiple Credit Constraints and Time Varying Macroeconomic Dynamics University of Copenhagen 2021 Karsten Muller and Emil Verner Credit allocation and macroeconomic fluctuations Warwick Business School and Princeton UniversitySee also editEuropean Banking Authority European Insurance and Occupational Pensions Authority European Securities and Markets Authority List of acronyms European sovereign debt crisis List of financial regulatory authorities by jurisdictionReferences edit Board European Systemic Risk Mar 2 2023 European Systemic Risk Board European Systemic Risk Board Retrieved Mar 19 2023 REGULATION EU No 1092 2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL PDF www esrb europa eu Retrieved Mar 19 2023 Glossary European Systemic Risk Board ESRB Deutsche Bundesbank Archived from the original on 18 May 2022 Retrieved 11 February 2016 External links editRegulation EU No 1092 2010 of the European Parliament and of the Council of 24 11 2010 on European Union macro prudential oversight of the financial system and establishing a European Systemic Risk Board the ESRB Regulation Council Regulation EU No 1096 2010 of 17 11 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board Larosiere report Rules of procedure of the ESRB Code of conduct of the ESRB Retrieved from https en wikipedia org w index php title European Systemic Risk Board amp oldid 1214718254, 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