Introduction by Ms Clara Raposo, Vice-Governor of the Banco de Portugal, to the panel “Financial risks and macroprudential policy”, at the Banco de Portugal’s Conference on the Main Findings of Portugal's Financial Sector Assessment Program (FSAP), Lisbon, 22 September 2026.
It is a pleasure to welcome you to this panel on Financial Stability Risks and Macroprudential Policy.
Ms Erbenova, Michaela, thank you for your presentation and for providing such a comprehensive overview of the main conclusions of the 2026 FSAP.
Rather than revisiting that diagnosis, I would like to highlight a few points to help frame today's discussion in the first panel.
I cannot resist starting with a comparison with 2006.
Portugal's first FSAP took place in 2005-06, before these exercises became mandatory. Twenty years later, we have undertaken a second FSAP, now as a country with a systemically important financial sector.
The contrast is striking.
The views expressed in this speech are those of the speaker and do not necessarily reflect those of the BIS.