Bundesbank President Joachim Nagel has been elected for a three-year term as a member of the Steering Committee of the European Systemic Risk Board (ESRB).

The ESRB was established in 2010 to oversee the financial system of the European Union and prevent and mitigate systemic risk. Its remit covers a broad range of economic actors, including banks, insurers and asset managers. In pursuit of its mandate, the ESRB monitors and assesses systemic risks and, where necessary, issues warnings and recommendations.

The Steering Committee provides support to the ESRB’s General Board. It discusses the macroprudential policy agenda of the ESRB and reviews the analyses produced by its advisory committees – the Advisory Technical Committee and the Advisory Scientific Committee.