[15] In June 2021, the EBA said that banks in the European Union must have a ten-year plan that explains how they will deal with environmental, social, and government (ESG) risks to their bottom line.

[16] The main task of the EBA is to contribute, through the adoption of binding Technical Standards (BTS) and Guidelines, to the creation of the European Single Rulebook in banking.

[18] The Authority also plays an important role in promoting convergence of supervisory practices to ensure a harmonised application of prudential rules.

The Binding Technical Standards are legal acts which specify particular aspects of an EU legislative text (Directive or Regulation) and aim at ensuring consistent harmonisation in specific areas.

Regulated institutions are periodically required to file COREP reports, on both a solo and consolidated basis using XBRL in Eurofiling[19] architecture taxonomies.

[23] As a result of this setup, neither ECB Banking Supervision nor the Single Resolution Board have a formal vote in the EBA decision-making process.