The main task of the ESRB will be to identify and assess risks to the stability of the EU financial system and issue risk warnings when the identified risks appear significant. Several features of the proposed framework are important. •  First, the European System of Central Banks will play a key role in the functioning of the ESRB.
The voting members of the ESRB’s General Board will include the 27 governors of the EU’s national central banks and the President and Vice President of the ECB. •  Second, the ECB will be assigned the task of ensuring sufficient human and financial resources for the ESRB’s Secretariat. •  Third, the ESRB will not be responsible for the implementation of macro-prudential policies.