The turning point for the European financial sector

Adrian Cutajar, Simon Tortell & Associates, Malta.

1st January 2011 marked the end of the Lamfalussy Committees – CEBS, CESR and CEIOPS. These were replaced by the three European Supervisory Authorities (ESAs) known as ESMA (securities and markets), EBA (banking) and EIOPA (insurance and occupational pensions). These three supervisory authorities work with the newly-established European Systemic Risk Board (ESRB) – an independent body established towards the end of 2010 and responsible for the macro-prudential oversight of the European Union’s (EU) financial system. The ESRB brings together all the central banks and financial supervisors of the EU, the European Commission, the Economic and Financial Committee and the three ESAs.