In the EU, the European Systemic Risk Board (ESRB) will be in charge of macro-prudential surveillance. Its task will be to identify and assess risks to the stability of the EU financial system and issue risk warnings when the identified risks appear to be significant. When appropriate, the ESRB could complement its risk warnings with policy recommendations for remedial action.
As stressed by the de Larosière Group, central banks are especially well suited to take up the main responsibility for macro-prudential supervision because of their expertise and analytical capabilities in the fields of monetary and financial stability analysis, and because of their closeness to the money and financial markets.