Financial stability institutional framework

Governing Council

The Governing Council of the ECB is responsible for taking macroprudential decisions. These decisions apply to all countries and banks covered by the Single Supervisory Mechanism (SSM), i.e. the euro area countries and those other EU countries whose national authorities have signed close cooperation agreements with the ECB.

Macroprudential Forum

The Macroprudential Forum is composed of the Governing Council and the Supervisory Board of the ECB. It is a platform for regular, high-level discussions, bringing together microprudential and macroprudential perspectives from across Europe.

Financial Stability Committee

The Governing Council and the Macroprudential Forum are supported by the Financial Stability Committee, which comprises representatives of the ECB and national central banks and supervisory authorities. The Committee provides a platform for joint risk assessments and policy coordination between the ECB and the national authorities.

Cooperation with European and international authorities and bodies

The ECB cooperates closely with other European institutions and bodies, such as the European Supervisory Authorities, including the European Banking Authority, and the European Systemic Risk Board (ESRB), to develop the EU supervisory, regulatory and resolution frameworks.

The ECB also contributes to policy debates on regulation and supervision, both at the international level (e.g. Financial Stability Board, Basel Committee on Banking Supervision) and at the European level (e.g. European Commission).