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.

  • 25/08/2020
    The 2020 European Semester and the specific recommendations for Spain  File PDF: Opens in a new window (525 KB) Pilar García Perea, Antonio Millaruelo, Víctor María Mora Bajén and María del Carmen Sánchez Carretero

    The 2020 European Semester has adapted to coordinate Member States’ economic policy and to provide an immediate fiscal, economic and social response to the crisis arising from the pandemic. The priority has been to reinforce health systems and support households and businesses, which has required activating the general escape clause from the Stability and Growth Pact and reorienting the recommendations for all Member States. Within the framework of the EU budget and in coordination with the European Semester, on 21 July the European Council created a new instrument – Next Generation EU – that is intended to help fund the recovery of the economies of the Member States in the wake of the pandemic. In October, Member States will have to present reform plans and investment projects, to be incorporated into their national budgets for next year, in keeping with the recommendations for 2020 that are designed to address the challenges deriving from climate change, digitalisation, building up human capital and public sector efficiency.

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