As a member of the Eurosystem and the Single Supervisory Mechanism, the Banco de España sits on 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.
At different levels, the Banco de España has an ongoing dialogue with the ECB on financial stability and macroprudential policy matters.
Macroprudential decision-making falls within the remit of the national designated authorities. Before they are adopted, macroprudential decisions are notified to the ECB for evaluation by the FSC. The ECB has the power to apply stricter macroprudential measures than those adopted by the national authorities in the Banking Union.