The structure of European financial supervision was reformed in 2010, based on the recommendations included in the report issued by Jacques de Larosière, Governor of the Banque de France from 1987 to 1993.

The founding texts of the European System of Financial Supervision (ESFS), published in the Official Journal of the European Union on 15 December 2010, entered into force on 1 January 2011. These texts were issued as a response to G20 recommendations, including:

• on one hand, strengthening macro-prudential supervision across the European financial system by creating a European Systemic Risk Board (ESRB);
• on the other hand, strengthening micro-prudential supervision, inter alia through the establishment of the European Supervisory Authorities (ESAs).

These authorities replace the formerly established supervisory committees (CEBS, CEIOPS and CESR). Among other prerogatives, they hold emergency powers and they are authorised to act as mediators between national supervisors. They enact technical standards on the implementation of Community legislation.

Useful links

European Systemic Risk Board

European Banking Authority

European Insurance and Occupational Pensions Authority

European Securities and Markets Authority