Among other issues discussed in their publication, the World Saving Bank institute and the European Savings Bank Group have welcomed the new supervisory architecture which aims to upgrade the quality and consistency of supervision, reinforce oversight of cross-border groups, strengthen risk assessments and stress testing, as well as establish a single European rule book applicable to all financial institutions in the Single Market.

The new architecture establishes a European Systemic Risk Board (ESRB) at the macro-prudential level, which will be endowed with the task of monitoring and warning about
the general build-up of risk in the EU economy. At the micro-prudential level, a European System of Financial Supervisors (ESFS) will be in operation, consisting of three European
Supervisory Authorities (ESAs) – the European Banking Authority (EBA), based in London; the European Securities and Markets Authority (ESMA), based in Paris, and the European Insurance and Pensions Authority (EIOPA), based in Frankfurt. These authorities will replace the existing three level three (3L3) Committees, and their powers will stretch much further than the advisory nature of the current system.

ESBG pledges continued support  for the creation of an enhanced European financial supervisory framework and will continue to closely monitor its operation. However, ESBG stresses that there are numerous areas where particular care should be given, in order to ensure that the new supervisory architecture does not have unintended effects. For example, in the development of a single rule book, it should be ensured that the principle of proportionality is upheld and that the rules contained within do not place smaller and more regionally oriented financial institutions under excessive
administrative burdens.