European system of financial supervision

Abstract

In 2010, the European system of financial supervision (ESFS) has been introduced to assure at macro level the financial supervision necessary for the Member States. The thesis explains the Institutional role of (ESFS) starting with a general overview on microprudential and macroprudential supervision in European markets under the three main themes of financial regulations, informative systems and systematic risks concerned. It will follow a general overview on the functioning of the ESFS bodies, the European Systemic Risk Board (ESRB) and the three European supervisory authorities (ESAs): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); the European Insurance and Occupational Pensions Authority (EIOPA). Firstly, analysing the composition of each body, what roles they have in the European context and which are the main directives involved. Then, the focus will move on a practical approach, showing and explaining how ESFS work in concrete and for which power they are entitled among the member states.