Spain: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion

April 22, 2009

Preview Citation

Format: Chicago

Spain: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2009) accessed November 24, 2024

Summary

This 2008 Article IV Consultation highlights that after 15 years of impressive growth led by a housing boom, the Spanish economy has entered a sharp downturn in the wake of the global liquidity squeeze since mid-2007. Executive Directors have commended the authorities for their timely and substantial fiscal and financial sector responses to help cushion the downturn. They have emphasized that these efforts need to be complemented by reforms to bolster competitiveness and to avoid a prolonged period of slow growth and high unemployment.

Subject: Banking, Competition, Credit, Fiscal policy, Fiscal stance, Housing, Housing prices, Labor, Money, National accounts, Prices

Keywords: Bank consolidation, Consultation, CR, Credit, Discussion, Euribor interest rates, Euro, Fiscal stance, Global, Housing, Housing market downturn, Housing prices, ISCR, Service market reform indicator, Staff appraisal

Publication Details

Pages:

59
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/128
Stock No:

1ESPEA2009001
ISBN:

9781451812282
ISSN:

1934-7685

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