The new consolidated supervisory framework, in place since the beginning of this year, reflects the single market in financial services:   The European Supervisory Authorities (ESAs) are three authorities created for the European banking sector (EBA), insurance and occupational pensions (EIOPA), and capital markets (ESMA)    The European Systemic Risk Board (ESRB) is developing the tools necessary to warn and, if appropriate, make recommendations concerning systemic risk.
The ESRB constitutes the macro-prudential complement. It is chaired by the President of the ECB. 2.