The ESRB can issue warnings or recommendations addressed in particular to the European Union as a whole, to EU (European Union) Member States, to European supervisory authorities (ESAs) or to national authorities. The ESRB monitors the implementation of recommended measures. Recipients inform the ESRB and the European Council of the actions they have taken.
The Governors’ Committee has already embarked on the implementation stage, and is now actively involved in a number of the ground-work projects: 1. It has become necessary for the twelve Governors to have a better understanding of the regional economic environment within which they operate.