Bank of Spain publishes governance package and outlines legislative options to strengthen independence transparency and accountability

The Bank of Spain's Governing Council has published a package of initiatives aimed at strengthening the institution's independence, transparency and accountability, following a review of its governance framework launched in early 2025. The package includes publication guidelines and a paper on governance that examines possible legislative changes to the Bank's institutional framework, while making clear that it is not a closed reform proposal. The accompanying report from an internal working group finds that the current model remains broadly solid, but says changes in the central banking and supervisory environment justify considering improvements to institutional legitimacy, collegial decision-making and adaptability. It highlights three main areas for possible reform. First, it points to a clearer separation between governance and executive powers, with the Governing Council focused more squarely on oversight, transparency and accountability and the Executive Commission taking the full set of management powers. Second, it explores a more collegiate Executive Commission built around a broader group of full-time internal members with clearer functional responsibilities, rather than creating separate decision-making bodies for microprudential supervision or preventive resolution at this stage. Third, it sets out options on appointments and mandates, including stronger parliamentary involvement, a more active Bank of Spain role in identifying or preselecting candidates, and consideration of longer or staggered terms. The report presents these as options for a measured legislative reflection rather than immediate reform. It also indicates that, alongside any future legislative work, the Bank of Spain is pursuing internal measures on decision-making procedures and on transparency and accountability, including the rationalization of its publications.