Financial stability

The growing internationalisation of the financial sector has also caused financial stability to take on a global dimension. Along these lines, one of Banco de España's strategic objectives is active participation in all international forums where decisions are made on regulatory and supervisory matters:

• At the European level, a team of senior experts was created in 2008, called the Larosière Group, which is responsible for making proposals for improving financial supervision in the European Union. As a result of their recommendations, the European Systematic Risk Board (ESRB) was created, established as an independent body responsible for macro-prudential supervision of the European Union's entire financial system. The European Central Bank and the national central banks play a fundamental role because of their knowledge and responsibilities in the area of financial stability.
• Banco de España has been a member of the Financial Stability Board (FSB) since 2009. The FSB is a body created by the G20 in its London Summit on 2 April 2009. Established as the principal international forum for co-ordinating regulation and financial stability, it replaces the Financial Stability Forum.