Why is it proposed to give central banks a prominent role within the European Systemic Risk Council (ESRC) (especially when London, outside eurozone, is the biggest EU financial centre)?
Central banks have always played a central role in the macro-prudential supervision and the ECB is at the heart of the EU monetary system and has wide ranging expertise in the macro-prudential field. It is therefore appropriate for the ESCB to have a prominent role in the ESRC. To ensure appropriate geographical coverage and a well-balanced composition, the Commission has proposed that the ESRC would also include the central bank governors of the 27 Member States, among other members.
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