The European Council has adopted legal texts underpinning a reform of the EU framework for supervision of the financial system, aimed at eliminating deficiencies that were exposed during the financial crisis. It adopted regulations establishing a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three new supervisory authorities at the micro-financial level, namely:
- a European Banking Authority (EBA);
- a European Insurance and Occupational Pensions Authority (EIOPA); and
- a European Securities and Markets Authority (ESMA).