IMF Staff Country Reports

Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

August 1, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Spain: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools", IMF Staff Country Reports 2024, 260 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400284564.002

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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. While 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. The role, credibility, transparency, and accountability of the new authority would be strengthened by more frequent meetings and enhanced communication. Active consideration of the case for adding external expert members to the AMCESFI Council is recommended. Systemic risk identification in Spain uses advanced methods and approaches. The policy toolkit available to the Spanish authorities is broad by international standards. The introduction of a positive neutral countercyclical capital buffer for credit institutions in Spain is recommended. The current neutral macroprudential policy stance is appropriate.

Subject: Financial sector policy and analysis, Financial sector stability, Macroprudential policy, Macroprudential policy instruments, Systemic risk, Systemic risk assessment

Keywords: Banco de España, Directorate general, Executive Resolution authority, Financial sector stability, Global, IMF STX staff, Macroprudential policy, Macroprudential policy instruments, Stress indicator, Systemic risk, Systemic risk assessment

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