Annual Report

The Annual Report of the Banco de España reviews economic and financial developments in the Spanish economy and the main risks and vulnerabilities it faces in the short and long term. Particular attention is paid to the international environment, the euro area and economic policies.

The report comprises an initial chapter that offers an overview of the Spanish economy over the past year, followed by a series of theme-based chapters that look in some depth at specific matters of particular interest.

The report has to be approved by the Governing Council of the Banco de España and is accompanied by a foreword by the Governor.

Annual Report 2004

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