The start of the preparatory work for the European Systemic Risk Board (ESRB) – the body in charge of macro-prudential oversight in the EU – allowed its smooth establishment in 2011, together with the European Supervisory Authorities. The ESRB is now fully operational, with its General Board having already met twice and its advisory committees in place.
The ECB has been entrusted with the provision of analytical, statistical, logistical and administrative support to the ESRB. Hence, the ECB is making the utmost effort to enhance its capabilities and analytical tools for conducting systemic risk analysis. In the context of the Basel III framework, the ECB fully supports the European Commission’s work on the Capital Requirements Directive (CRD) IV.