The Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes creating a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. The Communication builds on the recommendations of the de Larosière report. The Commission hopes the new system will tackle problems with cross-border firms and the build-up of overall systemic risk. The ESRC will for the first time equip the EU with a pan-European macro-prudential supervision system. Legislation will follow this autumn and interested parties should submit their reactions on the Communication before 15 July. The Commission has also published a list of FAQs on macro-prudential supervision.