European Systemic Risk Board

The European Systemic Risk Board (ESRB[1]) is a group established on 16 December 2010[2] in response to the financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

European Systemic Risk Board
Agency overview
FormedDecember 16, 2010 (2010-12-16)
JurisdictionEuropean Union
HeadquartersSeat of the European Central Bank, Sonnemannstrasse 20, 60311 Frankfurt am Main, Germany
Agency executive
Parent agencyEuropean Central Bank
Key documents

The ESRB is a macro-prudential oversight body of the EU and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lacking juridical personality, the ESRB relies on hosting and support by the European Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the European Commission.[3]

Overview edit

The operation of the board has been entrusted to the European Central Bank and the first Chair of the ESRB was Jean-Claude Trichet. Currently the ESRB is chaired by Christine Lagarde, the ECB president. In order to take advantage of existing and compatible structures, and to minimise any delay to the commencement of its operations, the ECB provides analytical, statistical, administrative and logistical support to the ESRB, and technical advice is also drawn from national central banks, supervisors and an independent scientific committee.

Ieke van den Burg Prize for research on systemic risk edit

The ESRB's Advisory Scientific Committee awards the annual Ieke van den Burg Prize for outstanding research conducted by young academics on a topic related to the ESRB's mission. The prize is named in honor of Ieke van den Burg, for her work on financial stability. The winning paper is usually presented at the ESRB Annual Conference and published in the ESRB Working Paper Series.

List of recipients
Year Recipient(s) Title of research paper Ph.D. alma mater
2015 Claire Célérier and Boris Vallée The Motives For Financial Complexity: An Empirical Investigation Toulouse School of Economics and HEC Paris
2016 Matthias Efing Arbitraging the Basel Securitization Framework: Evidence from German ABS Investment University of Geneva
Sergey Chernenko [uk] and Adi Sunderam Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds Harvard University and Harvard University
2017 Marco D’Errico and Tarik Roukny Compressing over-the-counter markets University of Milan and Université Libre de Bruxelles
2018 Kilian Huber Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties London School of Economics
2019 André F. Silva Strategic Liquidity Mismatch and Financial Sector Stability Cass Business School
Guillaume Vuillemey The Value of Central Clearing Sciences Po Paris
2020 Marcus Mølbak Ingholt Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics University of Copenhagen
2021 Karsten Müller and Emil Verner Credit allocation and macroeconomic fluctuations Warwick Business School and Princeton University

See also edit

References edit

  1. ^ Board, European Systemic Risk (Mar 2, 2023). "European Systemic Risk Board". European Systemic Risk Board. Retrieved Mar 19, 2023.
  2. ^ "REGULATION (EU) No 1092/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL" (PDF). Retrieved Mar 19, 2023.
  3. ^ "Glossary: European Systemic Risk Board (ESRB)". Deutsche Bundesbank. Archived from the original on 18 May 2022. Retrieved 11 February 2016.

External links edit