So sharing powers makes sense but, at the same time, it 3/6  BIS central bankers' speeches  makes things a bit trickier. How does this work? Well, in fact, it is the national authorities that take macroprudential measures. The ECB then has the power to tighten – or “top up” – those measures that are covered by EU law.
The process, it is stated, in turn, led to large trade and current account surplus for the Asian EMEs and large trade and current deficits elsewhere in the world, most noticeably in the US.