The European Systemic Risk Board is tasked with the macroprudential oversight of the financial system within the European Union; it can issue warnings and recommendations to mitigate systemic risks ( https://www.esrb.europa.eu/about/html/index.en.html). The ECB has the power to apply, if deemed necessary, more stringent measures than adopted nationally to address risks to financial stability ( https://www.ecb.europa.eu/pub/financial-stability/macroprudentialmeasures/html/index.en.html).
Regarding macroprudential policy decisions, the Governing Council of the ECB is supported by the Financial Stability Committee (FSC), which comprises representatives of the ECB and national central banks and supervisory authorities ( https://www.ecb.europa.eu/ecb/tasks/stability/framework/html/index.en.html). 3. For details, see  https://www.ecb.europa.eu/ecb/tasks/stability/html/index.en.html. 4. See  https://www.bundesbank.de/en/bundesbank/organisation/mission-statement-andstrategy/the-bundesbank-s-mission-statement-618248 5.