Summary for non-specialists(52 kB)  

The European Commission published the first post-programme surveillance report following Spain's exit from the Financial Assistance Programme in January 2014. The report is based on the findings of the mission to Madrid on 24-28 March and on 3 April 2014 by a staff team from the European Commission, in liaison with staff from the European Central Bank. The European Stability Mechanism participated in the meetings on aspects related to its own Early Warning System.

The report finds that the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that formed the basis for Spain's programme exit have continued, although important challenges to sustained economic and employment growth, public finances and the banking sector still remain. This assessment is consistent with the conclusions of the Commission's 2014 in-depth review under the macroeconomic imbalances procedure that vulnerabilities are still present and continue requiring specific monitoring and decisive policy action.