September 23, 2020

Economy promotes the creation of a supervisory authority of the financial system

Economy promotes the creation of a supervisory authority of the financial system



The Ministry of Economy has promoted the transformation of the Financial Stability Board into a national macroprudential authority, whose objective is to supervise the financial system to prevent risks.

In a note sent today, the Minister of Economy, Nadia Calviño, has highlighted the speed with which they have made the work for its creation, since in "just" four months have advanced "important" in its design, functions and composition.

The new body, which will be called the National Financial Stability Authority (ANESFI), intends to comply with the recommendation of the EU member states in 2011 by the European Systemic Risk Board (ESRB).

ANESFI, which will be integrated by representatives of the Ministry of Economy, the Bank of Spain and the National Securities Market Commission (CNMV), will have the function of analyzing risks, and evaluating opinions and recommendations.

It will also have the nature of a collegiate body, without its own legal personality and although it will be attached to the Ministry of Economy it will function with functional independence.

The governor of the Bank of Spain, Pablo Hernández de Cos, stressed that the creation of macroprudential authority reinforces the "financial stability" of the country, and that the agency "significantly" extends its macroprudential instruments.

The president of the CNMV, Sebastián Albella, stressed that the design has taken into account "the importance of capital markets from the point of view of financial stability."

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