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Eu­ro­pean Sys­temic Risk Board

The European Systemic Risk Board (ESRB) is responsible for macroprudential supervision within the European Union. At the end of 2011, the ESRB recommended that macroprudential authorities or bodies be established at the national level. Germany implemented this recommendation by creating the Financial Stability Committee.

The ESRB has the task of overseeing the entire financial system within the European Union. The ESRB contributes to containing systemic risks and preventing financial crises by means of its macroprudential suervision. It also contributes to the smooth functioning of the internal market, thereby ensuring that the financial sector is able to make a sustained contribution to economic growth. The Bundesbank and BaFin are represented on the ESRB, among others.

The ESRB can issue warnings or recommendations addressed in particular to the European Union as a whole, to EU member states, to European supervisory authorities (ESAs) or to national authorities. In 2011, for example, the ESRB recommended that member states designate an authority entrusted with the implementation of macroprudential policy (ESRB/2011/3). The Financial Stability Committee performs this function in Germany.

The ESRB monitors the implementation of recommended measures. Recipients inform the ESRB and the European Council of the actions they have taken. They also provide appropriate explanation for any inaction (“comply or explain” mechanism). Should the ESRB find that a recommendation has not been followed, or that any failure to act was unfounded, it will inform the European Council accordingly.

The General Board is the central decision-making body within the ESRB. Warnings and recommendations are approved with a two-thirds majority. Members of the General Board include the President and Vice-President of the ECB, the governors of the national central banks of all EU countries, the heads of the European supervisory authorities (EBA, EIOPA and ESMA), a high-level representative of each of the competent national supervisory authorities, a member of the European Commission, and the chair of the Economic and Financial Committee (EFC).

ESRB members are presidents of national central banks, heads of the European Supervisory Authorities, representatives of the EU Commission and the Economic and Financial Committee and 1 representative of each competent national supervisory authority enlarge image
Source:  Financial Stability Committee

ESRB recommendations or warnings that are relevant for Germany

Number of the Recommendation/WarningContentsApproval dateAddressee
ES­RB/2022/7 [PDF, 587KB]
Warning on vulnerabilities in the Union financial system22 September 2022
Financial Stability Committee, BaFin, European Supervisory Authorities, private sector,
market participants
ES­RB/2021/17 [PDF, 418KB]
Recommendation on a pan-European systemic cyber incident coordination framework for relevant authorities2 December 2021
BaFin
ES­RB/2021/10 [PDF, 399KB] Recommendation on medium-term vulnerabilities in the residential real estate sector in Germany2 December 2021German Government
ES­RB/2021/9 [PDF, 409KB]
Recommendation on reform of money market funds2 December 2021
Commission
ES­RB/2020/12 [PDF, 546KB] Recommendation on identifying legal entities24 September 2020Commission, BaFin, EBA, ESMA, EIOPA, SRB
ES­RB/2020/8 [PDF, 522KB] Recommendation on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID‐19 pandemic27 May 2020Financial Stability Committee
ES­RB/2020/7 [PDF, 536KB]
and ES­RB/2020/15 [PDF, 515KB]
Recommendation on restriction of distributions during the COVID-19 pandemic 27 May 2020
15 December 2020

BaFin
ES­RB/2020/6 [PDF, 547KB] Recommendation on liquidity risks arising from margin calls25 May 2020BaFin
ES­RB/2019/18 [PDF, 558KB] Recommendation on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head office in another Member State or in a third country26 September 2019Financial Stability Committee, BaFin
ES­RB/2016/14 [PDF, 2MB]
[amended in ES­RB/2019/3 [PDF, 735KB] ]
Recommendation on closing real estate data gaps
(ESRB/2016/14)
31 October 2016AFS
ES­RB/2015/2 [PDF, 189KB] Recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures15 December 2015Financial Stability Committee, BaFin, Bundesbank
ES­RB/2015/1 [PDF, 520KB] Recommendation on recognising and setting countercyclical buffer rates for exposures to third countries11 December 2015BaFin
ES­RB/2014/1 [PDF, 498KB] Recommendation on guidance for setting countercyclical buffer rates18 June 2014BaFin
ES­RB/2013/1 [PDF, 937KB] Recommendation on intermediate objectives and instruments of macro-prudential policy4 April 2013Financial Stability Committee
ES­RB/2012/2 [PDF, 9MB] Recommendation on funding of credit institutions20 December 2012BaFin
ES­RB/2011/3 [PDF, 723KB] Recommendation on the macro-prudential mandate of national authorities22 December 2011German government
ES­RB/2011/2 [PDF, 2MB] Recommendation on US dollar denominated funding of credit institutions22 December 2011BaFin
ES­RB/2011/1 [PDF, 2MB] Recommendation on lending in foreign currencies21 September 2011BaFin, German government