Professor Rosa Lastra co-authors expert report on the Banco de España
On the 30th anniversary of the Law of Autonomy of the Banco de España, in January 2025 the Banco de España launched a review of its independence, transparency and accountability with the ultimate aim of identifying aspects of its operating framework that could be strengthened or enhanced.
This process – which kicked off with the “Central bank independence in the face of current and future challenges” conference – is set against a historic backdrop of profound changes in terms of both the functions conferred on central banks and the institutional framework in which some of said functions, such as monetary policy and microprudential supervision, are conducted.
To articulate this analysis, the Governing Council resolved to create an internal working group led by Lucía Rodríguez Muñoz, a member of the Bank’s Executive Commission. To contextualise the analysis, a report was commissioned from three external experts: Daniel Innerarity, Rosa Lastra and Joaquín Vial.
After gathering a wide range of opinions from representatives from different institutions and sectors of society, along with the Banco de España itself, the experts drew up a report that was presented to the Governing Council on 27 June and was published in July 2025.
The report includes specific recommendations on how to strengthen these areas following a wide range of interviews with stakeholders from Spain and the European Union and identifies areas for improvement, in particular in the institution’s governance arrangements, advocating a shift to a more collegiate model and more robust processes to appoint members to the decision-making bodies. The report also highlights to the need to update the Bank’s reference framework, to include in the Law of Autonomy of the Banco de España not only with regard to the new competences conferred by other legislation (such as macroprudential policy), but also with regard to the need to include specific measures to strengthen the Bank’s transparency, accountability and communication with society.
In July 2025 the Governing Council discussed, on the basis of the expert report, the need to refine and improve the Bank’s operational framework and the ways to enhance its governance, transparency and the necessary social accountability as an independent institution. Some elements of this discussion may require the amendment of legal provisions while other initiatives may be implemented under a Governing Council resolution by amending the Internal Rules of the Banco de España or the institution’s daily practice and undertakings.