In the countries belonging to the banking union, the macroprudential powers are shared between national designated macroprudential authorities and the European Central Bank. More specifically, the ECB has a right to apply stricter requirements for certain macroprudential tools than those proposed by the national macroprudential authorities.
The role of the European Systemic Risk Board (ESRB) is, in turn, to monitor cross-border and cross-sectoral systemic risks in the whole EU area, and provide macroprudential warnings and recommendations to national authorities and European bodies. Last but not least, the European Capital Adequacy framework (CRD IV/CRR) provides a common regulatory rulebook directing also the use of most macroprudential tools.