The European System of Financial Regulation consists of 2 groups of bodies;

1. European Systemic Risk Board
   1. Responsible for macroprudential oversight across the European Union. (aims to mitigate risk to the financial system as a whole (or “systemic risk”))
   2. Consists of;
      1. The European Commission (EC)
      2. The European Central Bank (ECB)
      3. National Central Banks and supervisory authorities of EU member states
2. European Supervisory Authorities
   1. Responsible for micro prudential oversight at the European Union level (firm-level oversight or financial regulation)
   2. Consists of;
      1. The European Banking Authority (EBA)
      2. The European Securities and Markets Authority (ESMA)
      3. The European Insurance and Occupational Pensions Authority (EIOPA)

Figure 2: The European System of Financial Supervision