The tight interlinkages between the financial system and the macro-economy provide a further rationale for entrusting the central banks with the responsibility for macro-prudential analysis and the formulation of relevant policy recommendations. Macro-prudential policies will help reduce the contribution to pro-cyclicality of various factors in the financial system.
Since policies will involve regulatory and supervisory action to a considerable extent, they may take the form of general guidelines or concrete recommendations relating to the calibration of prudential tools. In the specific case of the EU, the ECB will provide analytical, statistical, administrative and logistical support to the ESRB.