On the macro-prudential side, the ECB has been asked to take on challenging new obligations arising from the establishment of the European Systemic Risk Board (ESRB). The ECB provides the Chair of the ESRB and its Secretariat.
While the ECB has for many years raised its voice on financial stability concerns and risks in the euro area, the new ESRB must work from an EU-wide perspective and assume the additional role of issuing warnings and recommendations. The authorities responsible for financial stability will either need to comply with those recommendations or explain why they do not wish to do so.