The Treaty does, however, not set out macroprudential supervision as a basic task of the ECB or the ESCB, nor does it establish financial stability as one of their specific goals1. With both the pooling of monetary sovereignty and the exclusive competence for prudential supervision at the ECB, how can Member States steer the cycle at national level beyond fiscal and structural policies?
vii)  The governance of the institution should be adequately transparent to its shareholders, depositors, other relevant stakeholders and market participants. While these principles were developed for banks, they are of general applicability to all financial institutions and can be tailored to cater for differences in size and complexity of operations.