Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
IMF Staff Country Reports, August 1, 2024
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- Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
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Bibliographic details
- Published: August 1, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400284564.002
Executive summary and key findings
- The macroprudential policy framework in Spain has been significantly reinforced in recent years.
- Macroprudential Authority Financial Stability Council (AMCESFI) has successfully strengthened high-level coordination and bolstered the institutional framework supporting financial stability.
- There is scope to reinforce the framework further to strengthen the role, credibility, transparency, and accountability of the new authority.
- Systemic risk identification in Spain uses advanced methods and approaches.
- The policy toolkit available to the Spanish authorities is broad by international standards.
- The current neutral macroprudential policy stance is appropriate.
Governance, credibility, and transparency
- AMCESFI has improved high-level coordination and institutional support for financial stability.
- Recommended governance enhancements:
- More frequent meetings of AMCESFI to strengthen role, credibility, transparency, and accountability.
- Enhanced communication by the authority.
- Active consideration of the case for adding external expert members to the AMCESFI Council.
Systemic risk identification and tools
- Spain applies advanced methods and approaches to systemic risk identification.
- The macroprudential policy toolkit in Spain is described as broad by international standards.
Policy recommendation on capital buffers and stance
- Recommended policy action:
- Introduction of a positive neutral countercyclical capital buffer for credit institutions in Spain.
- Current stance:
- The neutral macroprudential policy stance is appropriate.
Publication and metadata
- Publication title: Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
- Series: IMF Staff Country Reports
- Issue: 260
- Volume: 2024
- Pages: 54
- Date: August 1, 2024
- DOI: https://doi.org/10.5089/9798400284564.002
- Stock No: 1ESPEA2024005
- ISBN: 9798400284564
- ISSN: 1934-7685
International Monetary Fund. Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools (IMF Staff Country Reports 2024/260).
Content in this bundle
- Executive Summary