The Banco de España establishes that between two and three evaluations will be carried out, as set out in the Annual Evaluation Plan approved by the Governing Council, at the proposal of the Governor. Activities carried out by the Banco de España in the exercise of its functions may be subject to evaluation.

In this context, the Independent Evaluation Office has proposed several areas to be evaluated. Each evaluation will be conducted by the office itself with the contribution of a team of external evaluators selected from individuals with recognized expertise and professional experience in the area under evaluation.

The present Evaluation Plan establishes the following evaluations to be carried out during the period:

1. Evaluation of research at the Banco de España
2. Evaluation of the economic forecasting activity of the Banco de España
3. Evaluation of the adequacy of knowledge and technological resources for the development of prudential supervision functions of credit institutions.

The present Evaluations Plan refers to the 2022-2023 period. In such a way, its actions will begin in 2022, and if possible, will conclude at end of the natural year, by December 31, 2023.

• Directorates General or Departments involved: Directorate General for Economics and Statistics
• Timeline: The evaluation will begin in the second half of 2022.
• Objective and scope:

Study and monitoring of:

• the Spanish economy and its environment
• economic policies, with special attention to euro area monetary policy
• the financial and banking system

An external evaluation of research at the Banco de España was conducted in 2011. After 10 years of organizational changes in the Bank’s research areas, a new external evaluation of the research function is considered relevant.

• Evaluation description:

The scope of the external evaluation will include a critical review of the research and economic analysis function at the Banco de España.

• Directorates General or Departments involved: Directorate General for Economics and Statistics
• Timeline: The evaluation will begin in the second half of 2022.
• Objective and scope:

The macroeconomic projections for the Spanish economy are prepared quarterly by the Directorate General for Economics and Statistics and published as part of the Economic Bulletin.

Of the four annual forecasting exercises, two are part of the joint projection exercise carried out within the Eurosystem. The projections are published quarterly, including a press presentation by the DG of Economics and Statistics. These projections are therefore highly relevant information. In this context, an evaluation of this activity is of particular interest.

• Evaluation description:

The evaluation will consist of a critical review of the periodic macroeconomic forecasting activity for the Spanish economy.

• Directorates General or Departments involved: Directorate General for Supervision (DGS)
• Timeline: The evaluation will begin in 2023.
• Objective and scope:

The evaluation aims to identify strengths and areas for improvement in the current use of digital tools, analytical capabilities, and internal processes of the DGS, to ensure that its supervisory functions are carried out as efficiently as possible. This assessment will help guide future investments in technology and training and facilitate better integration with the initiatives of the Single

Supervisory Mechanism (SSM), thereby strengthening the Banco de España’s role as an innovative and leading supervisory authority in the European context.

• Evaluation description:

The scope of the external evaluation will include a critical review of the adequacy of knowledge and technological resources for the development of prudential supervision functions of credit institutions, including the Banco de España’s contribution to the development of the SSM’s functions.