ESRB has published a report considering the consequences of the SSM for Europe's macro-prudential policy framework. It argues for a centralised model of macro-prudential policy within the SSM. The ECB would set the framework and apply the necessary tools, in co-operation with national authorities and to the extent those tools are provided in EU law, mainly the fourth Capital Requirements Directive (CRD4). It would act through its Governing Council, rather than the Supervisory Board, to avoid conflicts between micro- and macro-financial stability. ESRB would remain advocate of financial stability for the whole of the EU, and should retain effective capability to issue recommendations and warnings about developments in individual EU countries, including those in the SSM. The President of the ECB would have to step down as Chair of the ESRB. (Source: The Consequences of SSM for Europe’s Macro-Prudential Policy Framework)