The European Systemic Risk Board (ESRB) is a group established on 16 December 2010 in response to the euro area 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.
Overview 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 risk 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 recipientsYearRecipient(s)Title of research paperPh.D. alma mater2015Claire Célérier and Boris ValléeThe Motives For Financial Complexity: An Empirical InvestigationToulouse School of Economics and HEC Paris2016Matthias EfingArbitraging the Basel Securitization Framework: Evidence from German ABS InvestmentUniversity of Geneva and Adi SunderamLiquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual FundsHarvard University and Harvard University2017Marco D’Errico and Tarik RouknyCompressing over-the-counter marketsUniversity of Milan and Université Libre de Bruxelles2018Kilian HuberDisentangling the Effects of a Banking Crisis: Evidence from German Firms and CountiesLondon School of Economics2019André F. SilvaStrategic Liquidity Mismatch and Financial Sector StabilityCass Business SchoolGuillaume VuillemeyThe Value of Central ClearingSciences Po Paris2020Marcus Mølbak IngholtMultiple Credit Constraints and Time-Varying Macroeconomic DynamicsUniversity of Copenhagen2021Karsten Müller and Emil VernerCredit allocation and macroeconomic fluctuationsWarwick Business School and Princeton University
See also European Banking Authority European Insurance and Occupational Pensions Authority European Securities and Markets Authority List of acronyms: European sovereign-debt crisis List of financial supervisory authorities by country
References
External links 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
sv:Europeiska systemet för finansiell tillsyn#Europeiska systemrisknämnden