6th Spanish Reform Monitor

The sixth Spanish Reform Monitor, covering the period up to 2017-Q3, encounters a mix of signals about the state of the economy and the reformist agenda in Spain. Overall, the prevailing tone in our panel of experts accords with that of the previous release. Growth and recovery appear to be well stablished with solid medium-term perspectives but policy reform in most areas remains stalled or advancing only too slowly.

Draft Real Estate Credit Act

The Draft Real Estate Credit Act seeks to enhance the transparency of mortgage contracts

Law 6/2017 on Self-Employment

The new Law on self-employment reforms entered into force in October 2017, with the exception of some articles whose entry into force was postponed until 2018.

2017 Article IV Consultation with Spain

Strong, balanced, and employment-intensive expansion of the Spanish economy continued during the first half of 2017, and the recovery reached a significant milestone when real GDP surpassed its pre-crisis peak. Past structural reforms, wage moderation and resulting cost competitiveness gains, favorable monetary and external conditions, and fiscal relaxation have provided impetus to the recovery. Spain should deepen reforms, including steps to reduce structural unemployment, strengthen the business environment and competition, and make the financial sector more resilient along the lines of recommendations in the Financial Sector Stability Assessment (FSSA) (comprehensive and in-depth assessment of a country’s financial sector). Challenges remain: public debt and structural unemployment are high, population aging is creating fiscal pressures, and productivity lags that of EU peers.

Spain IMF Staff Concluding Statement of the 2017 Article IV Mission

Spain’s economic recovery remains strong, with consumption, investment, and net exports all contributing to a more balanced growth pattern. A shift in resources toward Spain’s competitive export sector, with the services sector creating most new jobs, has played an important part in the rebound. Banking sector balance sheets are stronger, private sector debt is coming down, and credit availability is improving.

Post-Programme Surveillance Report Spain, Spring 2017

Spain's real GDP growth is expected to remain robust this year and the next. In 2016, economic activity expanded strongly, by 3.2%, the same rate as in the previous year and well above the euro area average. Domestic demand, and especially private consumption, remained the main driver of growth, but net exports also contributed. Growth was underpinned by favourable external and financing conditions and strong job creation, in turn supported by continued wage moderation and past reforms.

Draft Law on entrepreneurs and independent contractors

The Draft Law on Independent Contractors (Proposición de Ley de Reformas Urgentes del Trabajo Autónomo) will allow the rights and social protection of this group to be enhanced.

Reflection Paper on the Deepening of the Economic and Monetary Union

Drawing on the lessons of the past fifteen yerar, the European Commission proposes to move forward the EU and the Euro area in two steps.

Council opinion on the 2017 Stability Programme of Spain

Recommendation for a Council recommendation on the 2017 National Reform Programme of Spain and delivering a Council opinion on the 2017 Stability Programme of Spain

Measures to modify the regulation of port cargo handling

After the failure of the previous Royal Decree-Law 4/2017, February 24 2017, to get approval of the parliament the Government approved Royal Decree-Law 8/2017, of May 12, that passed lower-house approval on May 17th.
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Selected documents

Country Report Spain 2015

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...