Europejska Rada ds. Ryzyka Systemowego i wyzwania przed nią stojące (The ESRB and the Challenges Ahead)

Abstract

The aim of this article is to present the principles of functioning of the European Systemic Risk Board (ESRB). Starting with the origins and description of its main tasks, author tries to identify main reasons behind the creation of a new pillar of safety net in the EU, responsible for macro-prudential supervision. ESRB, tasked with ensuring the stability of the financial system, has at its disposal "soft tools" i.e. issuing warnings and recommendations that may not be enough to achieve the desired goal. The article also attempts to compare the ESRB with other newly created macro prudential bodies in the U.S. and the UK with similar responsibilities. In the final part, the article also enumerates examples of the challenges faced by the ESRB, related to its effective functioning.

Note: Downloadable document is in Polish.

Keywords: ESRB, macro-prudential, macro prudential, ECB, financial crisis, systemic risk, ESA

JEL Classification: G10, G18, G28, E58