The European Systemic Risk Board has published its 2015 annual report which sets out the ESRB’s work as follows: (i) Section 1 covers systemic risks in the financial system of the EU, which considers the four main risks to financial stability in the EU that the ESRB has identified; (ii) Section 2 relates to policy measures addressing systemic risks, which reviews the ESRB's work in the area of macro-prudential policy; and (iii) Section 3 discusses the follow-up to ESRB recommendations, the ESRB's obligation to report to the European Parliament and the institutional framework.