The European Systemic Risk Board (ESRB) is as an independent body of the European Union responsible for macroprudential oversight of the EU financial system (see the structure of the ESRB). Together with the microprudential framework for financial supervision, the ESRB forms a part of the European financial supervision system.

The ESRB identifies potential risks to the stability of the financial system in the European Union, and issues warnings and recommendations for remedial action. These recommendations may address the entire European Union, single or multiple Member States, the European Supervisory Authorities or national supervisory authorities. The ESRB monitors the follow-up to its warnings and recommendations.

The Governor of Eesti Pank participates as a voting member in the General Board of the ESRB. Eesti Pank also takes part in the Advisory Technical Committee and its working groups.