Economic Notes

The Economic Notes address specific matters relating to conjunctural developments and to methodological and statistical issues. They seek to bring the papers and analyses of the Banco de España to the attention of the general public and to improve knowledge of the Spanish economy.

Since January 2017 the Economic Notes have been disseminated ahead of the related quarterly Economic Bulletin and are listed by release date or by subject.

  • 06/08/2019
    The 2019 European Semester and the specific recommendations for Spain  File PDF: Opens in a new window (490 KB) Pilar García Perea, Jorge Martínez Pagés, Antonio Millaruelo de Lafuente and Carmen Sánchez Carretero

    The European Semester is the process during which the European Commission designs and coordinates the Member States’ economic policies. The 2019 cycle began on 21 November 2018 and concluded on 9 July 2019. Overall, the reform drive in the member countries is perceived to have lost significant momentum, particularly in those with macroeconomic imbalances. On the fiscal front, the Stability and Growth Pact rules are a valuable road map ahead of the necessary consolidation of public finances; that said, their effectiveness in the preventive arm is still uncertain. As to structural policies, it would be worth exploring the creation of a national productivity board in those countries without one.

  • 03/07/2019
    Developments in Spanish public debt in 2018  File PDF: Opens in a new window (788 KB) Mario Alloza, Mar Delgado-Téllez, Blanca García-Moral and Víctor González-Díez

    This note analyses the situation of Spanish general government debt in 2018. Public debt fell to 97.1% of GDP, owing mainly to high economic growth. The average life of the debt stood at 7.5 years, with securities representing 86.4% of total debt and with the holdings of non-residents accounting for a higher share. By sub-sector, central government continues to be the most indebted, with 86.7% of GDP, although financing to other sub-sectors has increased up to 18.9 pp of GDP. Lastly, this article offers a detailed description of the ongoing local government deleveraging.

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