The ESRB is tasked with macro prudential oversight in Europe, while the EBA is in charge of banking supervisory convergence and drafting secondary legislation.
Also in 2010, the Basel Committee on Banking Supervision addressed the inadequacies of its second agreement and replaced it by the third agreement (Basel III), This third agreement forms the basis of the new prudential banking regulatory framework in Europe, adopted under the Irish presidency of the EU Council, and enshrined in the fourth capital requirements directive (CRD IV) and the capital requirements regulation (CRR).