In response, the European Parliament and the Council established a new European System of Financial Supervision, which will enter into force on 1 January 2011. It will be composed of three European Supervisory Authorities (ESAs) respectively for the banking, insurance and securities markets, a European Systemic Risk Board (ESRB) that will focus on systemic risks, and national supervisors.
But we should all keep in mind that this outcome – and especially the forecast for continued undershooting – typically means that the FOMC is also underperforming on its other objective of promoting maximum employment. BIS central bankers’ speeches  3  Should the FOMC make up for past inflation misses?