The tasks of macro-prudential supervision include the monitoring and analysis of financial stability, which the ECB is already undertaking. But this goes beyond monitoring and analysis: macro-prudential supervision includes developing early warning systems for the risks in the financial system; it includes conducting macro stress-testing exercises; and it also includes an advisory role on financial regulation and supervision from a financial stability perspective.
Importantly, effective macro-prudential supervision depends on access to data and its translation into concrete measures. Access to relevant data is essential for the assessment of risks and vulnerabilities in the financial system. This is why such access must be part and parcel of a well-functioning arrangement for macro-prudential supervision. Two issues need to be considered here.