Financial stability and macroprudential policy

Macroprudential Authority Financial Stability Council (AMCESFI)

Nature and membership

The Spanish Macroprudential Authority Financial Stability Council (AMCESFI, for Autoridad Macroprudencial Consejo de Estabilidad Financiera) is an inter-agency collegiate body attached to the head of the Ministry of Economic Affairs and Digital Transformation and participated by high-ranking officials from the said Ministry and the three national authorities with prudential regulatory and supervisory responsibilities for the Spanish financial system: the Banco de España, the Comisión Nacional del Mercado de Valores (CNMV, National Securities Markets Commission) and the Dirección General de Seguros y Fondos de Pensiones (Ministry’s Directorate General for Insurance and Pensions Funds).


The AMCESFI is structured around a Council (decision-making level) and a Financial Stability Technical Committee, FSTC (advisory level). The Council is currently chaired by the Third Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation, and vice-chaired by the Governor of the Banco de España, and comprises the Deputy Governor of the Banco de España among its members. The Council is supported by the FSTC chaired by the Deputy Governor of the Banco de España and vice-chaired by the Ministry’s Secretary General for the Treasury and International Financing. The membership of the Technical Committee includes two BdE officials: the Director General for Financial Stability, Regulation and Resolution (member and secretary) and the Director for Banking Supervision (member). The FSTC deals with the preparation of any issues that the Council shall discuss and decide upon.


The AMCESFI is tasked with the regular monitoring and analysis of sources of systemic risk. Within its powers, AMCESFI can issue warnings and recommendations on any matters pertaining to financial stability, as well as opinions on proposals of macroprudential measures previously notified to the AMCESFI by the sectoral authorities.


Transparency and control obligations of the AMCESFI include the duty to (i) publish its opinions, warning and recommendations, unless their wider release is deemed unadvisable from a financial stability perspective, and (ii) prepare and present an annual report to the Spanish parliament (Congress of Deputies).