ABSTRACT

The European Systemic Risk Board is charged with the macroprudential oversight of the financial system in the European Union. We compare and contrast the ESRB with the U.S. National Transportation Safety Board, which some scholars proposed as a role model for systemic risk management. There are parallels and some differences between these organisations. Neither institution has direct regulatory power, which could paradoxically be beneficial as it may help preserve their independence and objectivity in the long run. We also review the ESRB’s activities after it started in 2010 and assess the effect of its first public recommendation.

中文翻译：

---

欧洲系统性风险委员会-治理和早期经验

摘要

欧洲系统性风险委员会负责对欧盟金融体系进行宏观审慎监督。我们将ESRB与美国国家运输安全委员会进行了比较和比较，一些学者将该委员会作为系统风险管理的榜样。这些组织之间有相似之处，也有一些区别。这两个机构都没有直接的监管权，这可能反而是有益的，因为从长远来看，它可能有助于保持其独立性和客观性。我们还将审查ESRB在2010年启动后的活动，并评估其首次公开推荐的效果。