The Macroprudential Authority Financial Stability Council (AMCESFI) is a collegiate body attached to the head of the Ministry of Economic Affairs and Digital Transformation, with the participation of high-level representatives of the Ministry and of the three authorities with responsibilities in the area of regulation and supervision of the Spanish financial system: the Banco de España, the National Securities Market Commission (CNMV) and the Directorate General for Insurance and Pension Funds (of the Ministry of Economic Affairs and Digital Transformation).
The AMCESFI is structured around a Council and a Technical Committee on Financial Stability (CTEF). The CTEF is responsible for the preparatory work relating to the matters that are subject to deliberation and decision by the Council. The Council meets at least twice per year while the CTEF does so at least quarterly. The functions of the chair and the secretary of the AMCESFI are shared responsibilities of the Ministry of Economic Affairs and Digital Transformation (Council) and the Banco de España (CTEF).
The AMCESFI is assigned a function of identification, monitoring and regular analysis of the systemic risk factors that might negatively affect the real economy. Among its powers, the AMCESFI can issue and publish warnings and recommendations on issues affecting financial stability and opinions on proposed macroprudential policy measures communicated to the AMCESFI by sectoral authorities. The transparency and accountability obligations of the AMCESFI include the submission of an annual report to the Spanish parliament (Congress of Deputies).
With the creation of the AMCESFI, effective from March 2019, Spain is compliant with Recommendation ESRB/2011/3 on the macroprudential mandate of national authorities, urging Member States of the EU/EEA to designate an authority responsible for the macroprudential oversight of the entire financial system.