International
The European Systemic Risk Board (ESRB) is responsible for macroprudential supervison within the EU financial system as well as for preventing and limiting systemic risk. Liechtenstein became a member of the European Systemic Risk Board (ESRB) in 2017 and is actively participating in the ESRB. The ESRB can issue warnings and recommendation to its member states and to national supervisory authorities, in case of having identified substantial risks to the European financial system. In the event of an ESRB warning or recommendation addressed to the government or the FMA in Liechtenstein, it is the task of the Financial Stability Council (FSC) to discuss the approach how to deal with these warnings and recommendations.