The ESRB and its support structure, based at the European Central Bank, will assume responsibility for macroprudential oversight in the EU beginning in the year 2011. Its objective is to ensure the early detection of stability risks and issue risk warnings or recommendations to the European Union, member states or European or national supervisory authorities.
Finally, here in Germany, the so-called Risk Committee composed of high-ranking delegates from the Bundesbank and BaFin has been established at the end of 2009. It serves as a coordination committee for better integration of microprudential supervision and macroprudential monitoring. At its regular meetings, information on relevant risk areas is exchanged, enabling cross-pollination between single-entity supervision and systemic oversight.