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ESRB policy

The ESRB contributes to preventing or mitigating systemic risks through the use of “soft powers”. In particular, it may issue warnings or recommendations to address significant systemic risks to financial stability in the European Union. The ESRB then monitors the follow-up to its warnings or recommendations and analyses if, and to what extent, the systemic risk has been mitigated. In addition, sector-specific Union legislation requires that the ESRB be consulted and mandates the ESRB to issue opinions with regard to certain matters of financial stability or macroprudential policy.


The ESRB issues recommendations for remedial action when significant systemic risks are identified and when action is necessary to address these risks.



The ESRB issues warnings when significant systemic risks are identified and when necessary to flag such risks.



The ESRB contributes to the assessment of the appropriateness of certain macroprudential policy measures before their adoption by EU Member States or the ECB.


Stress testing

The European supervisory authorities and the ESRB use stress tests to assess the resilience of financial institutions and market participants. As part of this cooperation, the ESRB has designed scenarios of adverse economic and financial market developments.


Policy framework

The ESRB has prepared a set of documents to help make the macroprudential policy framework operational.


Responses and letters

The ESRB conducts surveys to seek the views of interested citizens, market participants and other stakeholders.


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