Brussels, 13/10/2014 (Agence Europe) - The European Commission and the ECB sent out an optimistic message regarding the situation in Spain, following their second six-monthly meeting and in the wake of the completion of the banking sector bailout plan applied in exchange for aid of €41 billion.
The two European institutions note that the positive development of the economic situation has been consolidated: Spanish GDP is growing faster than the average in the eurozone, particularly thanks to an upturn in internal consumption, the sovereign risk is levelling off, Spanish banks are more capitalised and their cash situation has improved. It will be necessary to “remain vigilant”, as “mbalances” coming about in the post-crisis period and challenges related to the employment market remain “substantial”, they add, stressing the need to continue or even reinforce the programme of structural reforms, the implementation of which has been uneven across policy areas.
The next post-programme surveillance mission will take place in spring 2015. (MB)