The European System of Financial Supervision’s purpose is to ensure supervision of the European Union’s financial system. Besides the European Systemic Risk Board (ESRB), the ESFS comprises the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA), the Joint Committee of the European Supervisory Authorities (ESAs) and the competent or supervisory authorities in the Member States.