Therefore, to be able to monitor, assess and mitigate systemic risk, policy-makers have been working on creating new tools for a new policy area, namely giving a macro-prudential orientation to financial regulation and supervision. The European Systemic Risk Board (ESRB) was established as the main body for macroprudential oversight and surveillance of EU financial markets.
BIS central bankers’ speeches  1  As you probably know, the European Central Bank (ECB) has close links with the ESRB. These include, first, a personal link: the President of the ECB also serves as the Chairperson of the ESRB. Second, the ECB provides logistical and administrative support by hosting the ESRB secretariat.