Cooperation within the framework of the European Systemic Risk Board

The European Systemic Risk Board (ESRB) was launched at the start of 2011. It is responsible for macro-prudential oversight in the European Union. Its main function is to assess risks to the European Union’s financial stability.

Tasks of the ESRB


  • collects information about the functioning of the financial sector and identifies systemic risks;
  • issues risk warnings;
  • issues recommendations for remedial action in response to the risks identified;
  • cooperates closely with the European Union’s institutions in order to prevent possible crises and to solve problems;
  • monitors the follow-up to warnings and recommendations.

The ESRB General Board is composed of the Governors of NCBs, the President and Vice-President of the European Central Bank, a member of the European Commission, the chairs of the European supervisory authorities and the chairs of the ESRB’s Advisory Scientific Committee and the Advisory Technical Committee. Representatives of the national supervisory authorities and the President of the Economic and Financial Committee of the Council of the European Union are members without voting rights.

Structure of the ESRB

The General Board takes the decisions necessary to ensure the performance of the tasks entrusted to the European Systemic Risk Board (ESRB). The General Board meets at least four times a year. Estonia is represented by Governor of Eesti Pank, who has voting rights, and Chairman of the Management Board of Financial Supervision Authority, who has no voting rights.

The Steering Committee assists in the decision-making process of the ESRB by preparing the meetings of the General Board, reviewing the documents to be discussed and monitoring the progress of the ESRB’s ongoing work.

The Secretariat is responsible for the day-to-day business of the ESRB. The Secretariat is ensured by the European Central Bank.

The Advisory Scientific Committee (ASC) provides advice and assistance on issues relevant to the work of the ESRB. The ASC consists of 15 experts representing a wide range of skills and experiences and includes the Chair of the Advisory Technical Committee (ATC).

The Advisory Technical Committee (ATC) provides advice and assistance on issues relevant to the work of the ESRB. Head of the Financial Stability Department of Eesti Pank represents Estonia in the ATC.

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