## Spain: Staff Report for the 2012 Article IV Consultation

_IMF Staff Country Reports, July 27, 2012_

## Source details

**Canonical URL:** [Spain: Staff Report for the 2012 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2012-article-iv-consultation-26125)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2012-article-iv-consultation-26125/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2012-article-iv-consultation-26125/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2012-article-iv-consultation-26125/bundle-manifest.json)

## Bibliographic details
- Published: July 27, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475505818.002

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### Overview
- The Spanish economy suffered an unprecedented double-dip recession with the rising unemployment and public debt situation.
- Spain suffered a reversal of private external financing flows in 2011 and 2012.
- Major policy actions were taken in the banking sector to counter the economic deterioration.
- The fiscal framework has been improved, and a scheme for clearing subnational arrears has been established.
- The Executive Board emphasized the need for sustained efforts and a medium-term strategy for structural reforms and financial sector restructuring.

### Key findings
- Double-dip recession characterized the recent economic performance.
- Rising unemployment and increasing public debt were prominent macroeconomic concerns.
- Reversal of private external financing flows occurred in 2011 and 2012, contributing to financial stress.
- Banking sector intervention and policy measures were central to the authorities' response.
- Fiscal framework reforms and a subnational arrears clearance scheme were implemented.

### Policy actions and recommendations
- Banking sector: major policy actions implemented to stabilize the financial system.
- Fiscal policy: improvement of the fiscal framework to strengthen fiscal consolidation.
- Subnational finances: establishment of a scheme for clearing subnational arrears.
- Structural and financial sector reform: Executive Board called for sustained efforts and a medium-term strategy for structural reforms and financial sector restructuring.

### Subject coverage and keywords
- Subjects: Banking, Employment, Fiscal consolidation, Labor, Labor markets, Public debt, Wages
- Keywords: analysis of the well, article IV report, bank, CR, deficit, Employment, Europe, Global, government, ISCR, Labor markets, liability positions vis, Spanish authorities, staff, staff's appraisal, vis nonresident, Wages

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## Content in this bundle

- **Spain: 2012 Article IV Consultation; IMF Country Report No. 12/202; July 20, 2012**
  - [Spain: 2012 Article IV Consultation; IMF Country Report No. 12/202; July 20, 2012 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr12202.pdf.md){rel="alternate" type="text/markdown"}
  - [Spain: 2012 Article IV Consultation; IMF Country Report No. 12/202; July 20, 2012 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr12202.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/spain-staff-report-for-the-2012-article-iv-consultation-26125_