The European Banking Federation has published guidance on how financial institutions approach systemic risk. In this paper the EBF acknowledges its commitment to collaborate with policy makers in the development of solutions with a view to prevent a new surge of financial instability and to mitigate the build-up of systemic risk across the financial sector. The paper states that as a matter of principle, the EBF does not support the use of lists of systemically important financial institutions to address the root problems. It believes that a continuous approach to systemic risk in which all institutions as part of the network are deemed systemic to varying degrees will be preferable. It believes that dynamic macro prudential surveillance is the cornerstone of systemic risk identification. Its indications should then be incorporated in the supervisory review and evaluation process conducted by micro prudential supervisors.