## Spain: Financial Sector Reform—Final Progress Report

_IMF Staff Country Reports, February 20, 2014_

## Source details

**Canonical URL:** [Spain: Financial Sector Reform—Final Progress Report](https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-financial-sector-reform-final-progress-report-41358)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/spain-financial-sector-reform-final-progress-report-41358/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/spain-financial-sector-reform-final-progress-report-41358/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/spain-financial-sector-reform-final-progress-report-41358/bundle-manifest.json)

## Bibliographic details
- Published: February 20, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475517804.002

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### Overview
- Title: Spain: Financial Sector Reform—Final Progress Report
- Publication date: February 20, 2014
- Context: Reviews progress under Spain’s European Stability Mechanism (ESM)-supported program of financial sector reform adopted in mid-2012.
- Primary objective of the program: Assist economic recovery by promoting financial stability.

### Key findings
- The Spanish authorities’ implementation of the program has been steadfast.
- All of the program’s specific measures are now complete.
- Major structural reform efforts in a variety of areas (including labor and fiscal policies) will need to continue to achieve sufficiently rapid growth to bring unemployment down to reasonable levels over the medium term.

### Analysis and implications
- The program’s completion implies that financial-sector-specific reforms associated with the ESM-supported program no longer require further measures under that program.
- Sustained progress in broader structural reforms (labor, fiscal, and related areas) is necessary to translate financial stability gains into stronger growth and lower unemployment over the medium term.
- The interaction between financial-sector repair and broader macroeconomic policies remains central to achieving a durable economic recovery.

### Policy recommendations (implied by the report)
- Continue major structural reform efforts in labor markets.
- Continue fiscal policy reforms to support medium-term growth.
- Maintain focus on policies that convert financial stability into private-sector-led recovery, supporting job creation and lowering unemployment.

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## Content in this bundle

- **Spain: Financial Sector Reform--Final Progress Report; IMF Country Report 14/59; February 2014**
  - [Spain: Financial Sector Reform--Final Progress Report; IMF Country Report 14/59; February 2014 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1459.pdf.md){rel="alternate" type="text/markdown"}
  - [Spain: Financial Sector Reform--Final Progress Report; IMF Country Report 14/59; February 2014 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1459.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-financial-sector-reform-final-progress-report-41358_