| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 359 final (29.5.13) |
| Publication Date | 29/05/2013 |
| Content Type | Policy-making |
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On 28 November 2012, the Commission adopted the Annual Growth Survey, marking the start of the 2013 European Semester of economic policy coordination. Also on 28 November 2012, the Commission, on the basis of Regulation (EU) No 1176/2011, adopted the Alert Mechanism Report, in which it identified Spain as one of the Member States for which an in-depth review would be carried out. On 10 April 2013, the Commission published the results of its in-depth review for Spain, under Article 5 of Regulation (EU) no 1176/2011. The Commission's analysis lead it to conclude that Spain is experiencing excessive macroeconomic imbalances. In particular, very high domestic and external debt levels continue to pose risks for growth and financial stability; the banking sector is undergoing a process of recapitalisation and restructuirng, including with public money; rigidities in product and labour markets contribute to high and rising unemployment, and more generally hinder the adjustment of the economy. Although adjustment is taking place, the magnitude of the necessary correction requires continuous strong policy action, in the areas of product and service markets, labour market, financial sector, and public finances. On 30 April 2013, Spain submitted its 2013 stability programme covering the period 2012-2016 and its 2013 national reform programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:359:FIN |
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| Countries / Regions | Spain |
