Portugal's National Council of Financial Supervisors (CNSF) published an account of its latest microprudential and macroprudential meetings, setting out governance decisions and 2025 priorities for legislative monitoring, technological financial innovation and financial education. The Council approved publication of an updated list of financial-sector legislative initiatives involving the CNSF, endorsed the 2025 activity plans for the Working Group on Technological Financial Innovation and for the National Plan for Financial Education, and approved its 2024 activity report for submission to the Portuguese Parliament and the finance ministry and for publication on its website. It also designated Susana Larisma of the Portuguese Securities Market Commission (CMVM) as the CNSF’s new secretary. On the supervisory and policy agenda, the fintech innovation plan covers the identification and monitoring of innovative technological initiatives and an assessment of their impact on the financial system, alongside an update on the sixth edition of Portugal FinLab. The National Plan for Financial Education (PNFF) 2025 plan continues the 2021–2025 strategic plan and prioritises a new communication strategy and an impact assessment methodology; the CNSF also approved the PNFF’s 2025 budget and its 2024 activity report, and noted fourth-quarter 2024 initiatives including a new “Todos Contam” lesson plan on long-term saving. In macroprudential discussions, the CNSF reviewed financial stability risks and highlighted heightened geopolitical and global trade-policy uncertainty affecting growth and inflation in Portugal and the euro area, discussed preparations for the International Monetary Fund’s forthcoming Financial Sector Assessment Program for Portugal, and exchanged information linked to international forums, including the European Systemic Risk Board; it was also briefed on the Bank of Portugal’s macroprudential policy decisions for 2025 adopted after consultation of the CNSF.

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