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The Governing Council

The Governing Council of the Banco de España approves the Bank’s general operating guidelines. Its other competences include:

  • Discussing matters relating to monetary policy and supervising the Bank’s role in the conduct of the monetary policy of the European System of Central Banks.
  • Approving Banco de España circulars.
  • Imposing sanctions within its areas of competence.
  • Adopting any other resolutions as necessary for the performance of any tasks entrusted to the Banco de España that are not the exclusive competence 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, the deputy governor, six council members that will serve a six-year term and may be reappointed once; the General Secretary for Treasury and International Financing and the Vice-Chairman of the National Securities Market Commission (CNMV).

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.