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

Spain: Financial Sector Assessment Program-Macroprudential Policy Framework and Tools; IMF Country Report No. 24/260
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Volume/Issue: Volume 2024 Issue 260
Publication date: August 2024
ISBN: 9798400284564
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , IMF STX staff , stress indicator , banco de España , directorate general , executive Resolution authority , Financial sector stability , Systemic risk , Macroprudential policy , Macroprudential policy instruments , Systemic risk assessment , Global

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Summary

The macroprudential policy framework in Spain has been significantly reinforced in recent years. A new macroprudential authority, Macroprudential Authority Financial Stability Council, (AMCESFI), has been established in Spain, to provide high level oversight and to strengthen internal coordination on the identification, prevention, and mitigation of systemic risks in the financial system. Techniques and approaches for systemic risk identification have been further enhanced. And gaps in the macroprudential policy toolkit identified by the previous FSAP have been closed, although to date the new tools have not been applied given the assessment of risks. The framework incorporates many areas of strength by international standards, such as the techniques for systemic risk identification and the breadth of permissible macroprudential tools.