I would like to consider six aspects that I believe are crucial to success: (1) the ESRB’s structure and tools; (2) the independence of the new bodies; (3) the creation of a single rulebook and the establishment of common supervisory approaches; (4) the gathering and sharing of confidential data; (5) the colleges of supervisors; and (6) the legislation and agreements on crisis management.
3.1  Structure, powers and tools of the ESRB  (i)  An institutional framework centred on the central banks. The national central banks are generally assigned a leading role in ensuring national financial stability.