Wiki90: 90s Style Encyclopedia on the Web
In this article, we will explore everything related to European System of Financial Supervision, from its origin to its influence on today's society. European System of Financial Supervision has been a recurring theme throughout history, its impacts have been widely studied and debated in various areas. From its origins to the present, European System of Financial Supervision has generated conflicting opinions and has raised countless questions about its relevance and role in our society. Throughout this article, we will delve into a deep analysis of European System of Financial Supervision and its influence on different aspects of daily life, highlighting its importance today and its projection into the future.
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.
There are three European Supervisory Authorities (ESAs). They are responsible for microprudential oversight at the European Union level:
To complement these authorities, the European Systemic Risk Board (ESRB) is responsible for macroprudential oversight across the European Union. It includes representatives from the European Central Bank, national central banks and supervisory authorities of EU member states, and the European Commission. The ESRB is based at the ECB in Frankfurt.
The European Parliament, in September 2010, backed a deal to set up the European System of Financial Supervision replacing the Committees of Supervisors. The deal set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms. The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors.