The new authority’s name is European Systemic Risk Board – ESRB. The very first meeting of the new supervisory body took place in the building of the European Central Bank (ECB), which is in Frankfurt. Head of the ECB Jean-Claude Trichet was the chairman of the meeting.

Trichet promised to do whatever they can to be heard, by which he meant that opinion of central banks’ presidents in all 27 member states would be governing on the EU’s financial market. The ESRB vice-president (and head of the Bank of England) Mervyn Allister King expressed his hope that participants of the very first meeting of the new authority clearly understood how fragile was the current situation with Europe’s economy.