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9. What standing does it have in the European Union?
In the framework of the implementation of macroprudential policy at the European level, the European Systemic Risk Board (ESRB) was created in 2010. The ESRB’s mission is to contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system and taking into account macroeconomic developments, so as to avoid periods of widespread financial distress. Since its founding, the ESRB has issued two recommendations regarding the organisation of macroprudential policy in EU Member States. For those countries participating in the Single Supervisory Mechanism, responsibility for macroprudential policy is shared between the respective national authority and the ECB. National authorities have the power to fully implement policy, as defined in EU legislation. ECB decisions on macroprudential policy may only increase requirements above the framework of national authorities’ decisions. In other words, the ECB may intervene only in cases where it considers that the national authority has not acted sufficiently, but it cannot cancel or moderate national authorities’ decisions.