 | |
| Agency overview | |
|---|---|
| Formed | December 16, 2010 (2010-12-16) |
| Jurisdiction | European Union |
| Headquarters | Seat of the European Central Bank, Sonnemannstrasse 20, 60311 Frankfurt am Main, Germany |
| Agency executive |
|
| Parent agency | European Central Bank |
| Key documents | |
| Website | www |
TheEuropean Systemic Risk Board (ESRB[1]) is a group established on 16 December 2010[2] in response to theeuro area crisis. It is tasked with themacro-prudential oversight of the financial system within theEuropean Union in order to contribute to the prevention or mitigation ofsystemic 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.
The ESRB is a macro-prudential oversight body of the EU and it is part of theEuropean System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. As a body lackingjuridical personality, the ESRB relies on hosting and support by theEuropean Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and theEuropean Commission.[3]
The operation of the board has been entrusted to theEuropean Central Bank and the first Chair of the ESRB wasJean-Claude Trichet. Currently the ESRB is chaired byChristine 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.
The ESRB's Advisory Scientific Committee awards the annualIeke 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 ofIeke 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.
| 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 andHEC 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 andHarvard University | |
| 2017 | Marco D’Errico and Tarik Roukny | Compressing over-the-counter markets | University of Milan andUniversité 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 andPrinceton University |
| International | |
|---|---|
| National | |
