Considerations on COM(2009)500 - Proposal for a Council Decision entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board - Main contents
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| dossier | COM(2009)500 - Proposal for a Council Decision entrusting the European Central Bank with specific tasks concerning the functioning of the ... |
|---|---|
| document | COM(2009)500  |
| date | September 23, 2009 |
(2) In November 2008, the Commission mandated a High Level Group chaired by Mr Jacques de Larosière (the 'de Larosière Group') to make recommendations on how to strengthen European supervisory arrangements with a view to better protecting its citizens and rebuilding trust in the financial system.
(3) In its final report presented on 25 February 2009, the de Larosière Group recommended, among other things, the establishment of a Community-level body charged with overseeing risk in the financial system as a whole.
(4) In its Communication entitled 'Driving European Recovery' of 4 March 2009[4], the Commission welcomed and broadly supported the recommendations of the de Larosière Group. At its meeting of 19 and 20 March 2009, the European Council agreed on the need to improve the regulation and supervision of financial institutions within the EU and to use the report from the de Larosière as a basis for action.
(5) In its Communication entitled 'European Financial Supervision' of 27 May 2009[5], the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the EU level, notably including the creation of a European Systemic Risk Board (ESRB) responsible for macro-prudential oversight. The Council on 9 June 2009 and the European Council at its meeting of 18 and 19 June supported the view of the Commission and welcomed the Commission's intention to bring forward legislative proposals so that the new framework can be fully established.
(6) By Regulation (EC) No …/2009 of the European Parliament and of the Council[6], a Community level macro prudential oversight of the financial system and a European Systemic Risk Board (ESRB) are established.
(7) Given its expertise on macro-prudential issues, the European Central Bank (ECB) can make a significant contribution to the effective macro-prudential oversight of the EU financial sector.
(8) The Council concluded on 9 June 2009 that the ECB should provide analytical, statistical, administrative and logistical support to the ESRB. The option foreseen by the Treaty to confer specific tasks concerning policies relating to prudential supervision upon the ECB should therefore be exercised, by conferring on the ECB the task of ensuring the Secretariat to the ESRB.