FSC to work closely and exchange information with the ESRB
The FSA requires the FSC to work closely and exchange information with the ESRB and
other authorities charged with safeguarding financial stability in the EU (both national
authorities and the ECB as part of the SSM). In this context, the Bundesbank represents the
German authorities (together with BaFin) in the ESRB and informs the other FSC members
about ESRB matters (unless classified).
It is also responsible, on behalf of the FSC, to pre-
notify the ESRB about FSC recommendations that the Committee considers to present a risk
of material negative cross-border spillovers.
The Bundesbank and BaFin also contribute to
the analytical and coordination work of the ES
RB via the participation of their staff in
working groups, expert teams and work streams.