ESRB has published a recommendation to Member States on possible intermediate objectives and instruments required for an effective macro-prudential policy. The annex to the recommendation contains a discussion of the intermediate objectives and instruments that ESRB has identified as contributing to the safeguarding of the financial system. One of the recitals also contemplates the possibility of ESRB addressing recommendations to national macro-prudential authorities to guide their application of macro-prudential instruments. (Source: Recommendation of ESRB on Intermediate Objectives and Instruments of Macro-prudential Policy)