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

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

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

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)

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

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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