The Commission proposal recommends, firstly, the es
tablishment of a network of national supervisors which would work in tandem with a new European Supervisory Authority (ESA) formed of three pillars: one pillar for Banks (EBA), one pillar for Insurance and Occupational Pensions (EIOPA), and one pillar for Securities and Marke
ts (ESMA). A ‘Joint Committee of the European Supervisory Authorities’ is proposed to ensure rules are correctly consolidated and to supervise the European financial markets. Secondly, the Commission proposal reco
...[+++]mmends setting up a European Systematic Risk Board (ESRB) to monitor and assess potential threats to financial stability that arise from macro-economic developments.