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.
 | |
| Agency overview | |
|---|---|
| Formed | December 16, 2010 |
| Jurisdiction | European Union |
| Headquarters | Seat of the European Central Bank, Sonnemannstrasse 20, 60311 Frankfurt am Main, Germany |
| Agency executive |
|
| Parent agency | European Central Bank |
| Key documents | |
| Website | www |
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]
Overview
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.
| 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 | 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 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 Université Libre de Bruxelles |
| 2018 | Kilian Huber | Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties | London School of Economics |
| 2019 | André F. Silva | Strategic Liquidity Mismatch and Financial Sector Stability | Cass Business School |
| Guillaume Vuillemey | The Value of Central Clearing | Sciences Po Paris | |
| 2020 | Marcus Mølbak Ingholt | Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics | University of Copenhagen |
| 2021 | Karsten Müller and Emil Verner | Credit allocation and macroeconomic fluctuations | Warwick Business School and Princeton University |
See also
editReferences
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
edit- 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