Cheat sheet: What is European Supervision?

20 February 2016

Factsheet

European Supervision Key Issues

Financial supervision in Europe is carried out by three European Supervisory Agencies (ESAs) agencies and a committee to address systemic risk.

They are:

  • the European Banking Authority (EBA),
  • the European Securities and Markets Authority (ESMA),
  • the European Insurance and Occupational Pensions Authority (EIOPA),
  • the European Systemic Risk Board (ESRB).

After being in place for two years, the system is being reviewed by the European Commission, which launched a public consultation on the review of the European System of Financial Supervision in the end of April 2013.

Finance Watch has participated in the consultation by submitting a response. Finance Watch’s response to the consultation calls for, among other things:

  • more democratic accountability for ESAs, including European Parliament approval of key appointments,
  • more resources and budget autonomy for ESAs,
  • a review of ESA governance structures to address national biases,
  • a more central role for consumer interests,
  • longer consultation periods for technical consultations,
  • measures to reduce the over-representation of financial sector interests in stakeholder groups,
  • more funding and support for non-financial participants in stakeholder groups.

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