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European Supervisory Authorities (ESAs)

Following the 2008 global financial crisis, a High Level Group chaired by Jacques de Larosière, examined how the EU's supervisory arrangements could be strengthened both to better protect its citizens and to rebuild trust in the financial system.

The Group concluded that supervisory arrangements should focus both on individual firms (e.g. banks & insurance companies), and on the stability of the financial system as a whole.

As a result, in January 2011, the European System of Financial Supervision (ESFS) was established. It comprises 3 European supervisory authorities, the European Systemic Risk Board (ESRB), the Joint Committee of the European Supervisory Authorities and the national supervisory authorities.

The 3 European supervisory authorities are:

  • the European Banking Authority;
  • the European Insurance and Occupational Pensions Authority; and
  • the European Securities and Markets Authority.