Brussels, 21/01/2011 (Agence Europe) - The General Council of the European Systemic Risk Committee (CERS) held its first meeting in Frankfurt on Thursday 20 January 2011, chaired by the governor of the Bank of England, Mervyn King. After the meeting, Jean-Claude Trichet spoke of the CERS' 'strong determination' to demonstrate its 'moral authority' thanks to the 'wisdom and authority of all the institutions involved.' Set up by the new package of EU financial supervision legislation (see EUROPE 10219), the committee is responsible for macroprudential surveillance of the financial system and will therefore play a key role in European economic governance. It will issue public or private warnings and draw up recommendations about how to deal with them. The government or national authority receiving a warning will either have to comply or justify their lack of compliance. One of the CERS' first jobs will be involvement in drawing up tougher EU bank stress tests for this spring (see EUROPE 10296). The quarterly meetings of the CERS in 2011 are scheduled for 18 March, 22 June, 22 September and 22 December. (M.B. trans fl)