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The Governing Council

The Governing Council of the Banco de España approves the general operating guidelines for the Bank. Its powers also include:

  • Discussing monetary policy matters and overseeing the Bank’s contribution to the monetary policy conduct of the European System of Central Banks.
  • Approving Banco de España circulars.
  • Imposing sanctions within its areas of competence.
  • Adopting the resolutions necessary for the conduct of the functions 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 members of the Governing Council of the Banco de España are the Governor, the Deputy Governor, six members appointed for a six-year term (renewable once); the General Secretary of the Treasury and International Financing, and the Vice-Chair 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, as staff representative, also attend the Council meetings as non-voting participants.

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