According to Section 3 of the Terms of Reference of the Independent Evaluations Office (OIE by its Spanish acronym), the Director of the OIE shall draw up an Annual Evaluation Plan for the evaluations to be conducted during the reference period, to be approved by the Governing Council.
The OIE Guidelines, which complement the Terms of Reference and set out the OIE’s core operating principles and evaluation process, stipulate that two evaluations shall be conducted per year and that all Banco de España functions and activities may be subject to evaluation.
Each of the evaluations will be carried out by the office itself with the contribution of a team of external experts who will be selected from among people of recognized competence and professional trajectory within the framework of action that is the subject of the respective evaluation.
This Evaluation Plan establishes the following evaluations to be carried out during the 2025–2026 period:
- Evaluation of the Banco de España’s climate and environment-related activities
- Evaluation of emerging trends analysis (Horizon Scanning) at the Banco de España
This Evaluation Plan 2025-2026 was approved by the Governing Council on 29 July 2025, at the proposal of the Director of the OIE.
1. Evaluation of the Banco de España’s climate and environment-related activities
- Directorates General or Departments involved: Office of Environmental, Social and Governance
- Other areas involved: DG Economics, DG Operations, Markets and Payment Systems, DG Financial Stability, Regulation and Resolution, DG Banking Supervision, DG Financial Conduct and Banknotes and General Secretariat.
- Timeline: The evaluation will begin in the last quarter of 2025 and will last approximately 6 months.
- Objective and scope of the evaluation:
The Bank of Spain has developed a climate strategy aligned with Europe to protect financial stability. Its actions include climate stress tests, studies on the economic impact of climate change, sustainable criteria in market operations and reduction of its carbon footprint. It collaborates with the ECB and participates in international networks such as the Network for Greening the Financial System (NGFS).
In 2024, it created the Environmental, Social and Governance Office (ESG) to improve internal coordination, promote sustainable strategies and strengthen its presence in international forums. This office has fostered public-private cooperation and expanded the environmental approach. In this context, an external evaluation that assesses these initiatives and contributes to consolidating a solid institutional strategy is considered key.
- Evaluation description:
The evaluation will review the current situation of the Banco de España in climate and environmental issues, identifying strengths and areas for improvement. It will analyze governance, resources, internal coordination, effectiveness of initiatives and communication, taking as a reference good practices of other organizations.
2. Evaluation of emerging trends analysis (Horizon Scanning) at the Banco de Españ.
- Departments involved: Directorate-General for the Economy
- Other areas involved: DG Strategy, People and Data, DG Operations, Markets and Payment Systems, DG Financial Stability, Regulation and Resolution, DG Banking Supervision, DG Financial Conduct and Banknotes and DG Institutional and European Relations and Transparency.
- Timeline: The evaluation will begin in the third quarter of 2026 and will last approximately 6 months.
- Objective and scope of the evaluation:
The Bank of Spain is facing a changing global environment with challenges such as the pandemic, climate change or artificial intelligence. These factors have affected institutional responsiveness and financial stability, requiring agile structures in order to anticipate and adapt.
Different areas are already carrying out activities to analyze emerging trends, although with different approaches. The creation of the Global Trends Division seeks to improve coordination, consolidate knowledge and strengthen the institutional response.
Therefore, it is key to evaluate these activities to improve their coordination and establish a more effective operating model in the face of future challenges.
- Evaluation description:
The evaluation will examine how the Banco de España applies emerging trends analysis to optimize its use in operational and organizational functions, verifying its understanding, integration into decisions, diversity of sources and robustness of the framework that supports it.
