National authorities and the ECB can deploy pre-emptive macroprudential tools to mitigate risk-taking and enhance the resilience of the financial system, while the ESRB can issue warnings and recommendations.
Although the downturn was strongly synchronised, there is less agreement as to whether this will apply to the recovery. There seems little doubt, though, that the US will lead the global upturn. Some analysts argue that although the downturn was synchronised, the US recovery would considerably precede the European and Japanese recoveries.