Author(s): European Commission
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.
|KC-AH-14-206-EN-N (online)||KC-AH-14-206-EN-C (print)|
|ISBN 978-92-79-38824-8 (online)||ISBN 978-92-79-38825-5 (print)|
|doi: 10.2765/85680 (online)||doi: 10.2765/85720 (print)|
Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.