The purpose of macro-prudential supervision is to identify sources of systemic risk and recommend remedial action. In the EU, this will be the task of the European Systemic Risk Board (ESRB). The members of the ECB’s General Council will be voting members of the ESRB, together with the three heads of the envisaged European supervisory authorities and a member of the Commission.
Moreover, the body will comprise all national supervisory authorities. The ECB, as an institution of the European Union as a whole, as an institution of the 27 EU Member States, has been invited to provide support to the ESRB.