The ESRB contributes to the assessment of the appropriateness of certain macroprudential policy measures before their adoption by EU Member States or the ECB.
According to Article 133 of the Capital Requirements Directive (CRD IV) and Article 458 of the Capital Requirements Regulation (CRR), the European Commission and the European Banking Authority (EBA) are also required to assess certain national macroprudential policy decisions before their adoption. The European Commission publishes its decisions after the EBA and ESRB have done so, as it takes into account the opinions of the EBA and ESRB before drafting its own. For information, decisions by the European Commission as of June 2022 are included on this page, below the ESRB opinions. For EBA opinions and decisions on national macroprudential measures taken by the European Commission before June 2022, please refer to the institutions respective websites.