(ii)  Linkage with micro-prudential supervision. Macro-prudential supervision by the ESRB can be effective only if the analyses and assessments of the risks to financial stability serve to orient the priorities of micro-prudential supervision on intermediaries and financial markets.
Coordination between the ESRB and the ESAs needs to be very strong even in the analysis phase, so as to ensure a sharing of approaches and speedy and efficient exchange of information. In particular, risk assessment should be based on the extensive direct involvement of the colleges of supervisors.