L 331/162 Official Journal of the European Union 15.12.2010 II (Non-legislative acts) REGULATIONS COUNCIL REGULATION (EU) No 1096/2010 of 17 November 2010 conferring specific tasks upon the European Central Bank concerning the functioning of the European Systemic Risk Board THE COUNCIL OF THE EUROPEAN UNION, (3) Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(6) thereof, 4 Having regard to the proposal from the European Commission, Having regard to the opinion of the European Parliament (1), Having regard to the opinion of the European Central Bank (2), 5 5 Whereas: (1) The financial crisis has revealed important shortcomings in financial supervision, which has failed to anticipate adverse macro-prudential developments and prevent the accumu- lation of excessive risks in the financial sector, and has in particular highlighted the weaknesses of the existing macro-prudential oversight. (6) (20  In November 2008, the Commission mandated a High Level Group chaired by Mr Jacques de Larosiére (the de Larosiere Group) to make recommendations on how to strengthen European supervisory arrangements with a view to better protecting the citizen and rebuilding trust in 7) the financial system. (*) Opinion of 22 September 2010 (not yet published in the Official Journal). (3 0J € 270, 11.11.2009, p. 1. () See In its final report presented on 25 February 2009, the de Larosieére Group recommended, among other things, the establishment of a body at the level of the Union charged with overseeing risk in the financial system as a whole. In its Communication of 4 March 2009 entitled ‘Driving European Recovery’, the Commission welcomed and broadly supported the recommendations of the de Larosiere Group. At its meeting of 19 and 20 March 2009, the European Council agreed on the need to improve the regulation and supervision of financial institutions within the Union and to use the de Larosiére Group’s report as a basis for action. In its Communication of 27 May 2009 entitled ‘European Financial Supervision’, the Commission set out a series of reforms to the current arrangements for safeguarding financial stability at the level of the Union, notably includ- ing the creation of a European Systemic Risk Board (ESRB) responsible for macro-prudential oversight. The Council, on 9 June 2009, and the European Council, at its meeting of 18 and 19 June 2009, supported the view of the Com- mission and welcomed the Commission’s intention to bring forward legislative proposals so that the new frame- work could be fully established. Regulation (EU) No 1092/2010 of the European Parlia- ment and of the Council (}) established macro-prudential oversight of the financial system at the level of the Union and a European Systemic Risk Board (ESRB). Given its expertise on macro-prudential issues, the Euro- pean Central Bank (ECB) can make a significant contribu- tion to the effective macro-prudential oversight of the Union’s financial system. page 1 of this Official Journal.