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Table of contents; Basic statistics of Spain, 2011; Executive summary; Key recommendations; Macroeconomic policies to stabilise the economy and buttress the banking sector; Labour and product market policies to boost employment and growth; Assessment and recommendations; The economy is suffering a p...

Restoring banks' access to funding is the most urgent priorityFigure 3. Developments in the balance of payments; Figure 4. Net foreign asset position and gross external debt; Steps have been taken to accelerate the restructuring and resolution of banks; Resolution of non-viable banks needs to impose...

Table 3. Fiscal targets 2012-14 for general governmentTable 4. Expected improvement of the general government budget balance from measures taking effect in 2012 and 2013; Ambitious budgetary rules have been introduced; Box 2. New budgetary rules apply from 2012; Pension reform has damped the expecte...

Table 5. Structure of tax revenueFigure 6. VAT revenue ratio; Box 3. Key recommendations to put public finances on a sustainable basis and make the tax system more growth friendly; Progress in labour market reform is considerable but important challenges remain; Ensuring that employment protection i...

Reforms to raise productivity can strengthen competitivenessBox 5. Key recommendations on product market reform; Bibliography; Annex A1. Progress in main structural reforms; Chapter 1. Deleveraging the private sector and overcoming the banking crisis; The financial crisis needs to be addressed quick...

Figure 1.4. The housing market