{
  "title": "Spain: Staff Report for the 2011 Article IV Consultation; Public Information Notice; Statement by the Staff Representative; and Statement by the Executive Director for Spain.",
  "publication": "IMF Staff Country Reports, July 29, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2011-article-iv-consultation-public-information-notice-statement-25103",
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  "summary": "A decade of strong expansion in the Spanish economy led by a credit-fueled housing boom was hit by three major shocks. The policy response to Spain’s economic challenges has been strong and wide-ranging, helping to strengthen market confidence.",
  "publishDate": "2011-07-29",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- Spain experienced \"a decade of strong expansion\" led by a credit-fueled housing boom that was \"hit by three major shocks.\"\n- The policy response to Spain’s economic challenges has been described as \"strong and wide-ranging,\" and has helped \"to strengthen market confidence.\"\n- Remaining vulnerabilities and policy needs highlighted:\n  - Need for \"decisive implementation of the envisaged financial sector reform strategy\" to \"allay lingering market concerns.\"\n  - Need for \"a bold strengthening of labor market reforms\" to \"substantially reduce unacceptably high unemployment.\"\n  - Need for \"further progress ... on enhancing competition in nontradable sectors.\""
    },
    {
      "heading": "Themes and areas of focus",
      "content": "- Banking:\n  - Financial sector reform strategy must be decisively implemented to address market concerns.\n- Employment and Labor markets:\n  - Labor market reforms need to be boldly strengthened to address \"unacceptably high unemployment.\"\n- Housing prices and credit:\n  - Past expansion was driven by a credit-fueled housing boom, a central factor in the crisis dynamics.\n- Public debt and macro-financial linkages:\n  - Policy response has been broad-based and has improved market confidence; challenges around fiscal and financial stability remain implicit in the recommended reforms.\n- Competition:\n  - Enhancing competition in nontradable sectors is identified as a key area for further progress."
    },
    {
      "heading": "Publication and document specifics",
      "content": "- Publication date: July 29, 2011\n- Series: Country Report No. 2011/215\n- Issue: 215\n- Volume: 2011\n- Pages: 69\n- DOI: https://doi.org/10.5089/9781462340552.002\n- ISBN: 9781462340552\n- ISSN: 1934-7685\n- Stock No: 1ESPEA2011001\n- Subjects: Banking, Employment, Housing prices, Labor, Labor markets, Public debt, Unemployment\n- Keywords: capital, CR, Employment, Europe, financial market spillover, FROB capital backstop, Global, ISCR, Labor markets, market discipline, private sector savings-investment balance, Spain, Unemployment, vis nonresident\n\nSource: Spain: Staff Report for the 2011 Article IV Consultation; Public Information Notice; Statement by the Staff Representative; and Statement by the Executive Director for Spain. July 29, 2011.\n\n---\n\n Content in this bundle\n\n- cr11215\n  - cr11215 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11215 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2011-article-iv-consultation-public-information-notice-statement-25103"
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    "Published: July 29, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781462340552.002",
    "Spain experienced \"a decade of strong expansion\" led by a credit-fueled housing boom that was \"hit by three major shocks.\"",
    "The policy response to Spain’s economic challenges has been described as \"strong and wide-ranging,\" and has helped \"to strengthen market confidence.\"",
    "Remaining vulnerabilities and policy needs highlighted:",
    "Banking:",
    "Employment and Labor markets:",
    "Housing prices and credit:",
    "Public debt and macro-financial linkages:",
    "Competition:",
    "Publication date: July 29, 2011",
    "Series: Country Report No. 2011/215",
    "Issue: 215",
    "Volume: 2011",
    "Pages: 69",
    "DOI: https://doi.org/10.5089/9781462340552.002",
    "ISBN: 9781462340552",
    "ISSN: 1934-7685",
    "Stock No: 1ESPEA2011001",
    "Subjects: Banking, Employment, Housing prices, Labor, Labor markets, Public debt, Unemployment",
    "Keywords: capital, CR, Employment, Europe, financial market spillover, FROB capital backstop, Global, ISCR, Labor markets, market discipline, private sector savings-investment balance, Spain, Unemployment, vis nonresident",
    "**_cr11215**"
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