In the euro area, Governing Council of the ECB has an important, although a shared responsibility in the macroprudential field. This has the advantage that national analysis is complemented with independent ECB analysis and the state of the euro area as a whole being reflected in policy actions.
For example: In a monetary union where monetary policy is designed for the area as a whole, it may be unable to temper national credit cycles.Nationally targeted macroprudential policy is useful and it needs to take the limitations of monetary policy into account. National credit cycles vary both in frequency and amplitude.