High-Level Group on the ESRB Review publishes report entitled “Building on a Decade of Success”

18 December 2024 ESRB successfully fulfilling its mandate of macroprudential oversight Best placed to monitor and assess systemic risks and vulnerabilities across the entire EU financial system Proposals to further enhance holistic assessment of systemic risks The High-Level Group on the ESRB Review (the “Group”), chaired by Olli Rehn, Governor of Suomen Pankki – Finlands Bank and First Vice-Chair of the European Systemic Risk Board (ESRB), and composed of Professor Stephen Cecchetti, Vice-Chair of the ESRB’s Advisory Scientific Committee, Luis de Guindos, Vice-President of the European Central Bank, and Pablo Hernández de Cos, Chair of the ESRB’s Advisory Technical Committee, has published its report entitled “Building on a Decade of Success”. This report provides the Group’s strategic advice on the future of the ESRB and constitutes its contribution to the second review[1] of the ESRB Regulation.[2]In order to further enhance the ESRB’s macroprudential oversight, the Group examined the institution’s work and experiences over the last ten years, in addition to the regulations underpinning its functions. It also conducted a survey to elicit the views of the members of the Advisory Technical Committee. The Group considers that by leveraging its broad membership and employing its soft powers effectively, the ESRB is successfully fulfilling its mandate of macroprudential oversight. The ESRB contributes significantly to the EU’s macroprudential policy for banks and non-bank...