Financial stability and macroprudential policy

Financial stability and macroprudential policy at the European Central Bank

As a member institution of the Eurosystem and the Single Supervisory Mechanism, the Banco de España participatesOpens in a new window in the Financial Stability Committee (FSC) of the European Central Bank (ECB), along with other national central banks and supervisory authorities from across the Banking Union. Through its technical working groups the FSC analises risks and vulnerabilities for financial stability in Europe and facilitates the exchange of information, thus promoting the coordination of macroprudential policy measures between authorities.

Within its remit, the FSC supports and provides advice to the ECB’s Governing Council (decision-making body) and Macroprudential Forum (MPF). The MPF gathers the members of the ECB’s Governing Council and Supervisory Board –in which the Banco de España is represented at the highest level– to regularly discuss the situation of the banking system, the impact on financial stability of various regulatory initiatives, and other developments of macroprudential importance in the Banking Union.

At various levels, the Banco de España maintains a continued dialogue with the ECB on financial stability and macroprudential policy. Ahead of their approval, Banco de España’s proposed macroprudential policy measures are duly notified to the ECB for their assessment.

Regular publications (half-yearly):

Other publications and resources: