This third post-programme surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the financial assistance programme in January 2014. The report covers also the specific monitoring of...
Introduction by Xavier Vives
The European Union and in particular Spain are progressively overcoming the economic and financial crisis. However, different economies will recover at different intensities, with the pace of progress depending on the depth of the economic policy reforms each country adopts. In mid-2010, amidst the escalation of global concerns regarding the stability of the euro, the world's focus shifted towards the Spanish economy. This led to a turnaround in Spanish economic policy. The Government began to pay attention to reduce the public deficit, and a debate started, even beyond the Spanish borders, on the "reform agenda" - the set of economic policy measures that possibly could stabilize the economy and reignite growth in Spain.
The PPSRC at IESE quickly reacted to the new Spanish economic reformism and in June 2010 it released a comprehensive Decalogue of economic policy reforms for Spain. The goal was to lay out clearly the needed reforms and stimulate debate about them with the aim of contributing to the deep transformation that the Spanish institutions and economy required.
SpanishReforms is a continuation of that spirit. This is an academic, non-governmental website that aims at being a key reference for people, institutions and the media interested in the Spanish economy. We gather information from different sources, critically review it, and produce our own analysis.
In particular, our goal is to offer regular and updated insights about the progress of the economic reforms adopted by the Spanish Government. We follow closely what the Government states as a plan or commitment and what it actually does.
We also regularly review the analysis of the Spanish economy undertaken by the major international institutions (mainly the European Commission, the IMF, the OECD and the World Bank) as well as their policy recommendations.
We include a section with various indicators of the Spanish economy: short-term economic indicators, an original selection of long-term structural indicators, and an independent experts' assessment of the Spanish economy, the Reform Monitor, which we release quarterly.
The web intends to foster transparency in economic policy formulation, to serve as a tool for the evaluation of the reforms enacted in Spain and, ultimately, help to transform the Spanish economy to a more competitive, equitable and growth-friendly one.
Going for Growth is a form of structural surveillance based on a systematic and in-depth analysis of structural policies and their outcomes across OECD members.
This Country Report assesses Spain's economy against the background of the Commission's Annual Growth Survey which recommends three main pillars for the EU's economic and social policy in 2015: investment, structural reforms, and fiscal...