Summary for non-specialists(25 kB)  

The European Commission published the second post-programme surveillance report following Spain's exit from the financial assistance programme in January 2014. The report provides an assessment of Spain's economic, fiscal and financial situation and is based on the findings of the mission to Madrid on 6-10 October by staff team from the European Commission, in liaison with staff from the European Central Bank. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System. The report covers also the specific monitoring of policy progress by the Commission in the context of the Macroeconomic Imbalances Procedure. 

The report finds that recent economic and financial developments confirm the positive trends of stabilisation observed over the last two years. These trends have been supported by reforms carried out by the Spanish authorities, successful financial sector restructuring and fiscal consolidation, as well as by favourable developments in global financial markets. Yet, it will be important to remain vigilant, as the large imbalances from the pre-crisis period and challenges in the labour market and beyond are still substantial.