An agreement has been reached on creating new supervisory bodies for the EU which became operational at the beginning of 2011, subject to approval by individual member states.
The European Systemic Risk Board (ESRB) is chaired by the President of the European Central Bank (ECB) and is a part of the European System of Financial Supervision which also comprises the three newly created systemic authorities for banking, insurance and occupational pensions and for securities markets. 20.