The system consists of the European Supervisory Authorities (ESAs), the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states.
[1] It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.
It includes representatives from the European Central Bank, national central banks and supervisory authorities of EU member states, and the European Commission.
The deal set up the EBA in London, ESMA in Paris and EIOPA in Frankfurt, after an initial agreement reached between the European Commission and member states in December 2009 had triggered parliamentary criticisms.
The three institutions began operations on 1 January 2011 and replaced the Committees of Supervisors.