Financial stability is the ultimate goal of macroprudential policy. The Banco de Portugal has set out four intermediate objectives to ensure that this goal is more easily reached. Each intermediate objective corresponds to an indicative set of macroprudential tools, as described in the macroprudential toolkit. This set of tools is regularly assessed and can be reviewed, given the complexity and ongoing developments in the financial system. In addition, the Banco de Portugal may design other macroprudential measures it deems necessary to safeguard financial stability.
The Statute of the Banco de Portugal, the Legal Framework of Credit Institutions and Financial Companies as amended by Decree-Law No 23-A/2022 of 9 December 2022, which transposed into Portuguese law Directive (EU) 2019/878 (“CRD V”) and Regulation (EU) No 575/2013 (“CRR”), provides the legal basis for the implementation of these macroprudential measures.