The legal basis for the ESRB will be Article 95 of the Treaty, but it would be advisable to consider appealing also to Article 105(6), under which the ECB can be assigned specific tasks in respect of prudential supervision, so that the institutional nature of the link between it and the ESRB and the modalities of the ECB’s involvement in the latter’s activities may be established clearly and with the appropriate guarantees.
(ii)  Linkage with micro-prudential supervision. Macro-prudential supervision by the ESRB can be effective only if the analyses and assessments of the risks to financial stability serve to orient the priorities of micro-prudential supervision on intermediaries and financial markets.