In Europe, the European Systemic Risk Board (ESRB) and – as mentioned – three pan-European micro Supervisors will be established. The ESRB will provide a thorough analysis of systemic risks to the financial system in the European Union and will issue warnings if significant risks are identified.
It will also provide policy recommendations to address these risks and prevent a renewed build-up of excessive risk in the financial system as a whole. With its involvement in the ESRB, the ECB will continue to play an active role in safeguarding financial stability in Europe.