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European Systemic Risk Board to be established
A proposal for a new EU institution, European Systemic Risk Board, was published on 23 September 2009. The proposed body will have the mandate to map financial risks and their concentration at the system level for the macro-prudential supervision of systemic stability. European Union central banks will have a prominent role in it and the Secretariat of the ESRB will be entrusted to the European Central Bank. A press release from the same date explains the functioning of the new body in more detail.