Cross-participation in the governing bodies of the different authorities should limit coordination problems, but it is clear that the European regulators will be called upon to make efforts in this direction. Indeed, a proposal for a Memorandum of Understanding among the ESRB and the ESAs on the division of responsibilities between micro and macrosupervisors is now being discussed.
Access to micro data may be problematic for the ESRB. Successful analysis will probably require the ESRB and its Secretariat to act as a hub, devising meaningful projects, decentralizing much of the analytical work to national authorities, and ensuring harmonization of the research protocols. 4.