The European Systemic Risk Board ("ESRB") recommendation provides that Member States should designate a competent authority in national legislation to conduct macro-prudential policy whose objective is to safeguard the stability of the financial system. Further, Member States should provide on the macro-prudential authority the powers to conduct macro-prudential policy on its own initiative or as a follow-up to recommendations or warnings from the ESRB. The macro-prudential authority should also have the necessary independence to fulfil its tasks and should be able to issue public and/or confidential statements on systemic risk. The ESRB calls on Member States to take the necessary action before 1 July 2013 and, by June 2012, to communicate their intentions with respect to implementation and to report on developments to date.