The Update envisages providing a significant cyclical boost to the economy by increasing the deficit; to achieve this, we have to assume high multipliers, which cannot be taken as given.
In particular, the ECB may decide stricter measures than national authorities, using the counter-cyclical buffer or other macroprudential tools provided with the European legislation. The role of the ECB in making macroprudential decisions within the Banking Union can be seen as a useful complement to national frameworks so as to avoid the so called inaction bias in macroprudential policy.