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Trichet guarantees solid structure of the European System Risk Board


08 Feb 2011

"We are finally addressing the fragmentation of the previous regulatory and supervisory structures which have been until now unable to respond to the fast moving European integrated financial markets" said ALDE MEP Sylvie Goulard (MoDem, France) welcoming today's first exchange of view of the Economic and Monetary affairs Committee with Jean-Claude Trichet in his capacity as President of the new European Systemic Risk Board, officially inaugurated two weeks ago.

The President of the European Central Bank, also now the chair of the new European Systemic Risk Board was an ALDE campaign when shaping, last year, a new pillar to the EU supervisory architecture, in charge of identifying risks to financial stability and issuing recommendations country by country.

"We are confident in the modus operandi explained by President Trichet in recruiting the staff for the Advisory Scientific Committee, as Parliament called for, to ensure advice and support to the ESRB by the best, leading, independent and more creative pool of experts around the world. The crisis is not over and it is necessary to establish a solid structure with the right people."

The Advisory Scientific Committee is one of the two Committees responsible to advise and assist the ESRB that Parliament wanted to be open to a wide range of skills and experienced experts.

"We will carefully follow the work done by the ERSB with the European Banking Authority to organise credible stress test in the banking sector" she concluded.

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