SSM devolves some macroprudential responsibility

In addition to microprudential supervision, the SSM devolves some macroprudential responsibility,
albeit limited to the banking sector, to the ECB. The ECB will play a role analogous to what national
authorities are required to by CRD IV/CRR with respect to the macroprudential capital buffers.

In particular, while macroprudential intervention remains the responsibility of Euro area national
authorities, they are required to inform the ECB in advance of the introduction of any measures and
the ECB retains the authority to make them stricter (for example, if a national authority’s response
fails to address potential spillovers within the euro area).