National authorities for macroprudential supervision within the European Union

The institutional architecture of macro-prudential supervision in the EU is rather complex. The framework built in 2010 around the European Systemic Risk Board and the authorities established on the basis of the macro-prudential mandate of national authorities has been progressively complemented by the National Designated Authorities pursuant to the CRD/CRR package and the European Central Bank (Art. 5 and 9 SSM Reg). The plurality of institutions involved in the conduct of macro-prudential policy and supervision lead to complexity because of the need to establish coordination arrangements among these institutions and of the variety of the relevant powers (soft law or binding powers; powers to directly adopt macro-prudential measures or topping-up powers; spanning from the EU to the pure national ones or limited to those harmonized at EU level). Also, macro-prudential supervision essentially remains a national power, which some authorities (esp. central banks) already had beforehand.