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Glossary of summaries

Glossary of summaries


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. It 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, 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 European Insurance and Occupational Pensions Authority (EIOPA) is one of the 3 European supervisory authorities established in January 2011. It is an independent EU authority based in Frankfurt. It works to support the stability of the financial system, transparency of markets and financial products. It also seeks to protect insurance policyholders, pension scheme members and beneficiaries.

The other European supervisory authorities are:

  • the European Banking Authority (EBA); and
  • the European Securities and Markets Authority (ESMA).