A form of involvement of central banks which carries fewer moral hazard implications than the provision of liquidity consists of the central banks acting as a co-ordinator to facilitate private sector solutions. In this case, the central banks can act as “honest broker”.
Moreover, any national competent or designated authority may propose to the ECB to act in order to address the specific situation of the financial system and the economy in its Member State. An important feature of the SSM Regulation is that the ECB may, if deemed necessary, also apply macro-prudential measures.