1. EESC Thematic discussion on the ESFS State of Play and Perspectives
Gilles Noblet
Deputy Director General
DG International & European Relations
European Central Bank
EESC Thematic discussion on the ESFS State of Play and Perspectives
18 November 2014, Brussels

2. The ESFS – a complex construction
European: Euro area (and Banking Union) vs European Union (Single Market)
System: community vs national
Financial : banks – insurance – markets
Supervision : micro vs macro

3. The new supervisory framework in the EU
European System of Financial Supervision
SSM
Single Supervisory Mechanism
Macroprudential
Microprudential
ESRB
European Systemic Risk Board
Joint Committee
of the ESAs
3 ESAs
European Supervisory Authorities:
EBA – European Banking Authority
ESMA – European Securities and Markets Authority
EIOPA – European Insurance and Occupational Pensions Authority
National Supervisors

4. The new role of the ECB within the European supervisory framework
ECB in charge of micro-prudential supervision
ECB/NMAs: Macro-prudential powers under CRD IV
Relations with the
ESRB
ESAs
other actors of the Banking Union (e.g. SRB)
national authorities (national legislation, NCAs)

5. The SSM – key priorities for the next few months
Separation between monetary policy and banking supervision : legal and organisational frameworks
Creation of a common culture
Follow-up to the comprehensive assessment: the objectives for the next months
Development of the external relations of the supervisory arm of the ECB

6. Next steps for the Banking Union
Further harmonisation of supervisory practices:
SSM is a key player
Further harmonisation of national laws
Towards a Capital Markets Union
A Single Deposit Guarantee Scheme: time to re-consider?

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