Spain

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Catalonia and the Spanish banking system

As tensions rise around Catalonia's independence movement, there are worries about the impact on the Spanish banking sector. Banks based in Catalonia account for around 14% of total assets. Some major institutions are already moving their headquarters to other parts of Spain. However, most Spanish banks have significant exposure to the Catalan market, and all could be caught up in the turmoil.

By: Yana Myachenkova Topic: European Macroeconomics & Governance Date: October 6, 2017
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Credit recovery in Spain: NPL resolution was essential, but success depended on broader sector reform

Growth in Spain again exceeded expectations this year, and bank deleveraging appears to have reached an end. Addressing non-performing loans was a precondition for recovery, and it required comprehensive financial sector reform.

By: Alexander Lehmann Topic: European Macroeconomics & Governance Date: November 21, 2016
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The IMF’s performance on financial sector aspects of the euro area crisis

The recently published in-depth evaluation of the International Monetary Fund (IMF)’s role in the euro area crisis highlights important contrasts in the area of financial services. The IMF provided highly valuable analysis and recommendations to the EU on its banking sector and related policies. In individual countries (leaving aside Cyprus and the second Greek programme, not covered by this evaluation), the financial-sector aspects of the IMF’s interventions were highly successful in Ireland and Spain, ambiguous in Greece, and a missed opportunity in Portugal.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: August 29, 2016
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Policy Contribution

The IMF’s role in the euro-area crisis: financial sector aspects

Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: August 29, 2016
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Spanish unemployment and the effects of the 2012 labour market reform

What’s at stake: Spain is currently the EU country with the second highest level of unemployment, after Greece. The high and persistent level of unemployment and the appropriate labour market reforms are a major topic of discussion in Spain. We review arguments made in the blogosphere and by international organisations on the reasons for Spain’s stubbornly high unemployment, and various assessments of the labour market reforms of 2012.

By: Alvaro Leandro and Jaume Martí Romero Topic: European Macroeconomics & Governance Date: July 4, 2016
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Past Event

Past Event

The Spanish financial crisis: Lessons for the European banking union

Spain is among the countries still recovering from the financial crisis. While misjudged investments were part of the cause, these past mistakes could offer lessons for the European banking union.

Speakers: Miguel Otero-Iglesias, Federico Steinberg, Pia Hüttl, Stefano Neri and Bruegel Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 9, 2016
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Brazil can learn from Spain: don't delay adjustment

Brazil’s economic crisis has much in common with Spain’s crisis from 2009 – 2012. The IMF and the global community must work together to ensure a stabilisation programme for Brazil before it is too late, as euro-area countries did with Spain. The credibility of policy adjustment is key.

By: Alicia García-Herrero and Guntram B. Wolff Topic: Global Economics & Governance Date: May 11, 2016
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Are regional governments causing deficit overshooting in Spain?

Spain once again missed its deficit target in 2015 and it seems unlikely that 2016 will be any better. The central government has pointed to regional deficits as being the cause of the fiscal slippage. However, regional governments claim that their deficit is due to under-financing and overly strict deficit targets.

By: Jaume Martí Romero Topic: European Macroeconomics & Governance Date: April 19, 2016
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The remarkable case of Spanish immigration

During the first decade of the twenty-first century, Spain experienced one of the largest waves of migration in European history, relative to its population. Shortly after signing the Treaty of Adherence to join the European Community in 1985, Spain went from being a sender to a receiver country.

By: Jaume Martí Romero Topic: European Macroeconomics & Governance Date: December 8, 2015
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Past Event

Past Event

Structural Reforms: dynamic growth impact and policy challenges

What are the beneficial effects of product market reforms? What progress have Spain and Italy made in the past years and what challenges do they still face? How should structural reforms be coordinated within the euro area?

Speakers: Laura Bardone, Helge Berger, Massimo Bordignon, Adriana Cerretelli, Zsolt Darvas, Romain Duval, Vitor Gaspar, Huw Pill, Gabriele Steinhauser, Wilfried Steinheuer, Alessio Terzi, Christian Thimann, Guntram B. Wolff and Ramon Xifré Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 2, 2015
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Deferred tax credits may soon become deferred troubles for some European banks

The EU Commission is reportedly collecting evidence on the use of so-called deferred tax credits (DTCs) in banks in Greece, Portugal, Spain and Italy, to see whether some recent regulatory changes and recognition practices constitute hidden state aid. Here I review what these instruments are, and why the issue is important. Legislation enabling DTAs to be transformed into deferred tax […]

By: Silvia Merler Topic: European Macroeconomics & Governance Date: April 9, 2015
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Eurozone South is still not a place for young workers

Eurostat released today the latest seasonally adjusted quarterly data for unemployment. Youth unemployment has been decreasing (slowly) in Greece, Ireland, Portugal and Spain during 2014, while Italy is the only Southern country where the data do not show encouraging signs.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: January 7, 2015
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