The first ten years of the European Systemic Risk Board (2011-2021)

The European Systemic Risk Board was established in the wake of the global financial crisis as the authority responsible for the macroprudential oversight of risks to the stability of the European Union financial system. In its first decade, the European Systemic Risk Board’s activity has been marked by the challenges posed by the operationalisation of the macroprudential tools incorporated into European Union banking legislation, the euro area sovereign debt crisis, the United Kingdom’s withdrawal from the European Union and the outbreak of the COVID-19 global pandemic. During this period, the European Systemic Risk Board – of which the Banco de España is a member institution – has worked tirelessly to achieve its mission and objectives, helping identify and analyse systemic risks and vulnerabilities and advise on and coordinate national macroprudential policy measures. It has also issued reports on various reforms to European Union financial legislation