{
  "title": "Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools",
  "publication": "IMF Staff Country Reports, August 1, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/08/01/spain-spain-financial-sector-assessment-program-technical-note-on-macroprudential-policy-552813",
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  "summary": "This paper discusses a technical note on macroprudential policy framework and tools as part of Financial Sector Assessment Program in Spain. The macroprudential policy framework in Spain has been significantly reinforced in recent years.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- The macroprudential policy framework in Spain has been significantly reinforced in recent years.\n- Macroprudential Authority Financial Stability Council (AMCESFI) has successfully strengthened high-level coordination and bolstered the institutional framework supporting financial stability.\n- There is scope to reinforce the framework further to strengthen the role, credibility, transparency, and accountability of the new authority.\n- Systemic risk identification in Spain uses advanced methods and approaches.\n- The policy toolkit available to the Spanish authorities is broad by international standards.\n- The current neutral macroprudential policy stance is appropriate."
    },
    {
      "heading": "Governance, credibility, and transparency",
      "content": "- AMCESFI has improved high-level coordination and institutional support for financial stability.\n- Recommended governance enhancements:\n  - More frequent meetings of AMCESFI to strengthen role, credibility, transparency, and accountability.\n  - Enhanced communication by the authority.\n  - Active consideration of the case for adding external expert members to the AMCESFI Council."
    },
    {
      "heading": "Systemic risk identification and tools",
      "content": "- Spain applies advanced methods and approaches to systemic risk identification.\n- The macroprudential policy toolkit in Spain is described as broad by international standards."
    },
    {
      "heading": "Policy recommendation on capital buffers and stance",
      "content": "- Recommended policy action:\n  - Introduction of a positive neutral countercyclical capital buffer for credit institutions in Spain.\n- Current stance:\n  - The neutral macroprudential policy stance is appropriate."
    },
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      "heading": "Publication and metadata",
      "content": "- Publication title: Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools\n- Series: IMF Staff Country Reports\n- Issue: 260\n- Volume: 2024\n- Pages: 54\n- Date: August 1, 2024\n- DOI: https://doi.org/10.5089/9798400284564.002\n- Stock No: 1ESPEA2024005\n- ISBN: 9798400284564\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools (IMF Staff Country Reports 2024/260).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: August 1, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400284564.002",
    "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.",
    "The policy toolkit available to the Spanish authorities is broad by international standards.",
    "The current neutral macroprudential policy stance is appropriate.",
    "AMCESFI has improved high-level coordination and institutional support for financial stability.",
    "Recommended governance enhancements:",
    "Spain applies advanced methods and approaches to systemic risk identification.",
    "The macroprudential policy toolkit in Spain is described as broad by international standards.",
    "Recommended policy action:",
    "Current stance:",
    "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",
    "**Executive Summary**"
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