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José-Luis Peydró, Professor of the Department of Economics and Business of UPF and ICREA Researcher, has been appointed member of the Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) for the 2015-2019 period.
The ESRB, created on 2010, is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure supervision of the Unionís financial system. In response to the global financial crisis, the European Commission tasked a High Level Group on 2009, chaired by Mr. Jacques de Larosière, to consider how the European supervisory arrangements could be strengthened both to better protect its citizens and to rebuild trust in the financial system.
The Advisory Scientific Committee (ASC) provides advice and assistance on issues relevant to the work of the European Systemic Risk Board (ESRB). The ASC consists of 15 experts representing a wide range of skills and experiences and includes the Chair of the Advisory Technical Committee (ATC).
The main objective of the ESRB is: the ESRB shall be responsible for the macro-prudential oversight of the financial system within the Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system and taking into account macro-economic developments, so as to avoid periods of widespread financial distress. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.