Statement: Statement by the European Commission and the European Central Bank following the conclusion of the first post-programme surveillance mission to Spain

After the expiry of the financial sector programme in January 2014, a staff team from the European Commission, in liaison with staff from the European Central Bank, undertook the first visit to Spain in the context of the post-programme surveillance (PPS) on 24-28 March and on 3 April. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System.

Overall, the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that formed the basis for Spain's programme exit had continued, although important challenges to sustained economic and employment growth, public finances and the banking sector still were remaining.