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:

The council has also adopted texts relating to the powers of the new bodies and the tasks for the ECB in relation to the ESRB. The new system will be operational from 1 January 2011.