EU framework

The European Systemic Risk Board (ESRB)

The European Systemic Risk Board (ESRB) was created on 16 December 2010 as part of the implementation of macroprudential policy at the European level. The ESRB's mission is to contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system and taking into account macroeconomic developments, so as to avoid periods of widespread financial distress.

The ESRB influences macroprudential policy in the EU primarily by issuing recommendations and warnings, regarding either the policy implementation framework itself, or identified systemic risks. A role of the ESRB is also to issue opinions regarding instruments implemented at the national level, and in which it assesses the possible cross-border impacts of these instruments.

The European Central Bank (ECB)

The implementation of macroprudential policy in Slovakia is to a large degree influenced by Slovakia's participation in the Single Supervisory Mechanism (SSM). Under the SSM Regulation, the implementation of macroprudential policy is shared between national authorities and the ECB. ECB decisions on macroprudential policy may only increase requirements, above the framework of national authorities' decisions.

More detailed information on macroprudential policy in the EU is available here or on the ESRB website.