ECB press statement following the latest surveillance visit to Spain
- robust growth has accelerated the rebalancing of the economy, but imbalances remain.
- despite sizeable progress in private deleveraging and current account adjustment, still high private and public debt and the very high level of net external liabilities expose the country to risks stemming from shifts in market sentiment and is a burden for the economy.
- Spain has stopped trying to narrow budget deficit
- missed deficit target by a large margin
- govt debt to GDP ratio decreased slightly in 2015 but its high level remains a burden for the economy
A team from the European Commission, in liaison with staff from the ECB, carried out the fifth post-programme surveillance visit to Spain on 11-13 April 2016. The European Stability Mechanism (ESM) participated in the meetings on aspects relating to its early warning system. The mission was limited in scope, and mainly focused on financial sector issues.
Full press release here
