## Spain: 2010 Article IV Consultation: Staff Statement; Staff Supplement; Staff Report; Statement by the Executive Director for Spain; and Public Information Notice on the Executive Board Discussion

_IMF Staff Country Reports, July 30, 2010_

## Source details

**Canonical URL:** [Spain: 2010 Article IV Consultation: Staff Statement; Staff Supplement; Staff Report; Statement by the Executive Director for Spain; and Public Information Notice on the Executive Board Discussion](https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-2010-article-iv-consultation-staff-statement-staff-supplement-staff-report-statement-24112)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/spain-2010-article-iv-consultation-staff-statement-staff-supplement-staff-report-statement-24112/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/spain-2010-article-iv-consultation-staff-statement-staff-supplement-staff-report-statement-24112/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/spain-2010-article-iv-consultation-staff-statement-staff-supplement-staff-report-statement-24112/bundle-manifest.json)

## Bibliographic details
- Published: July 30, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455202836.002

---

### Overview
- Publication date: July 30, 2010
- Core message: Spain’s economy is facing severe challenges. Financial market tensions increased sharply in the wake of the Greek crisis. Policy should focus on rebalancing of the economy and securing market confidence.
- Immediate priorities identified: credible fiscal consolidation complemented by pension reform; radical labor market overhaul; continuation of product and service market reforms; monitoring of banking sector pressure despite overall soundness.

### Key findings
- Financial market tensions increased sharply in the wake of the Greek crisis.
- The banking sector remains sound but is under pressure.
- Progress in recent years on product and service market reform should continue.

### Policy recommendations
- Fiscal policy:
  - Ambitious fiscal consolidation is under way, but achievement of the targets needs to be made more credible.
  - Fiscal consolidation should be complemented by bold pension reform.
- Labor market:
  - A radical overhaul of the labor market is urgent.
- Product and service markets:
  - Continue reforms enacted in recent years to improve flexibility and competition.
- Financial sector:
  - Secure market confidence and monitor pressures on the banking sector.

### Subject coverage and keywords
- Subject areas: Banking, Commercial banks, Employment, Financial institutions, Labor, Labor market reforms, Labor markets, Public debt, Wages
- Keywords: capital participation, Commercial banks, CR, decree, Employment, Global, ISCR, Labor markets, policy development, reform, saving bank, savings bank, severance payment, staff statement, staff supplement, Wages

---

## Content in this bundle

- **_cr10254**
  - [_cr10254 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10254.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr10254 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10254.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-2010-article-iv-consultation-staff-statement-staff-supplement-staff-report-statement-24112_