Among the many lessons drawn from the current financial and economic crisis there is a consensus view that policy makers need to pay much closer attention to macro-financial developments, i.e. to stability of the financial system as a whole, in addition to stability of individual financial firms. In 2009, the de Larosière report recommended, among other things, that a Union level body be established with a mandate to oversee risk in the financial system as a whole. This led to the creation of the European Systemic Risk Board (ESRB), which is part of the European System of Financial Supervision (EFSF), on 16 December 2010; with the inaugural meeting of the General Board of the ESRB being held on 20 January 2011. The seat of the ESRB is in Frankfurt am Main and its Secretariat is ensured by the European Central Bank (ECB), and the ESRB’s President is the ECB President. The ESRB shall contribute to the prevention or mitigation of systemic risks to financial stability in the Union.Speech: Dr Jens Weidmann, President of the Deutsche Bundesbank. [...]