This framework includes three new European supervisory authorities (ESAs) – for banking, insurance and securities markets – and the European Systemic Risk Board (ESRB), which is responsible for macroprudential oversight and based at the ECB.
  Each of the new supervisory authorities is responsible for creating a single rulebook, designed to establish harmonized regulatory technical standards and ensure a level playing field across the Union. The ESAs must also, in cooperation with the ESRB, initiate and coordinate Union-wide stress tests to assess the resilience of financial institutions to adverse market developments.