It brings together the perspective of micro- and macroprudential authorities that, as a group, cover the respective national financial systems, together with ESAs and the ECB the European financial system. Therefore, National Competent Authority (NCA) and National Designated Authority (NDA) – the micro- and macro-prudential authorities, respectively – should be represented in the General Board.
However, the composition should be flexible enough to reflect the different institutional set-ups and the division of labor at the national level.