Banco de España - About us - Organisation - Governing bodies

The Governing Council

The Governing Council of the Banco de España approves the general guidelines for the Bank's activities, in particular:

Those relating to monetary policy the application of which it oversees.
Circulars of the Banco de España.
Proposals for sanctions, which the Bank must submit to the Minister for Economic Affairs and Finance, and it may impose those sanctions that are within its authority.
The approvals necessary for carrying out the functions produced by the Banco de España that are not the exclusive authority of the Executive Commission.

The Governing Council ratifies the appointment of the Directors-General of the Banco de España.

The Governing Council of the Banco de España is formed by:

The Governor: Pablo Hernández de Cos.
The Deputy Governor: Margarita Delgado.
Six council members: Judith Arnal, Fernando Fernández, Carles Manera, Soledad Núñez and Luis Servén. These members will serve a six-year term and may be reappointed once.
The General Secretary for Treasury and International Financing: Carlos Cuerpo.
The Vice-Chairman of the National Securities Market Commission (CNMV): Montserrat Martínez.

The Directors-General of the Bank (Alejandro Álvarez, Juan Ayuso, Ángel Estrada, Ángel Gavilán, Mercedes Olano and Alberto Ríos) and Mariano Serrano, who represents the staff, are non-voting participants.

The General Secretary of the Banco de España (Francisco Javier Priego) acts as non-voting Secretary to the Governing Council.