While the key pillars of macroprudential supervision are regulation, financial supervision, and monetary and fiscal policy, the Risk Council itself has no responsibility for these tasks, nor any decision-making powers. However, what the Risk Council can and actually should realise is better macro-prudential analysis at the European Level.
It should communicate its findings to the competent bodies and monitor the follow up by the relevant authorities. Let me now be a bit more specific. First, we have to come up with a clear definition of macro-prudential analysis. Only when we have agreed on the definition of macro-prudential analysis can we determine the scope of the Risk Council’s mandate.