Fifth, the objectives of policy must be clear in law and the policy makers must have legal power to set the policy instruments as needed to achieve these objectives, that is, there must be a firm legal basis for macro prudential policy.
4.1  Macro prudential policy in Ireland  It is of interest to take stock of the current situation in Ireland in light of the ESRB’s five recommendations. First, as the Central Bank of Ireland is responsible for financial regulation and supervision, it has access to the relevant information and the technical expertise necessary to analyse macro prudential risks.