The European experience of the last three years suggests that recommendations of this type would probably have been more effective than general recommendations to counter developments that turned out to have implications for European financial stability. The complexity of the ESRB’s structure might make it difficult to reach a consensus on national recommendations.
A third challenge for the ESRB will be to ensure  4  See Angelini, Neri and Panetta (2010) and Lambertini, Mendicino and Punzi (2011).