Economics

Spanish Reform Monitor

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The sixth Spanish Reform Monitor, covering the period up to 2017-Q3, encounters a mix of signals about the state of the economy and the reformist agenda in Spain. Overall, the prevailing tone in our panel of experts accords with that of the previous release. Growth and recovery appear to be well stablished with solid medium-term perspectives but policy reform in most areas remains stalled or advancing only too slowly. Comparing with the previous release, our experts keep on setting slightly lower scores for all three dimensions we look at: the performance of the economy, the adequacy of policy goals, and the real progress achieved by the various reform initiatives. In terms of the six individual policy areas we are monitoring, the performance of the Spanish economy is assessed to be only marginally different with respect to the previous monitor. There are minor improvements in the labour market and competition and regulation performance, stability in fiscal policy and minor declines in the rest. However, when it comes to the evaluation of policies, both in their goals (with an average score of 4.1/10) and especially their delivery (3.5/10), the deterioration is more significant and virtually pervasive across the policy spectrum. In the eyes of our experts, only the initiatives to support the internationalization of the economy and the moves to stabilize the financial system stand out with clear better results than in the previous release. The largest falls in our experts' average scores correspond to competition and business climate regulation issues, labour market regulations and, above all, the social security and pensions system.
Bibliographic citation: Vives, Xavier; Xifré, Ramon, "Spanish Reform Monitor", IESE, ST-460-E, 12/2017
Date: 11/12/2017
Author(s): Vives, Xavier; Xifré, Ramon
Document type: Study and Monograph
Collaborator(s): Cabrales, Antonio; Pastor, Alfredo; Ganuza, Juan-José; de la Rica, Sara; Carbó, Santiago; Torres, Raymond; Cuenca, Alain; Domènech, Rafael; Jiménez, Sergi; Mas, Núria; Salvador, Jordi
Sponsor(s): Fundación de las Cajas de Ahorros - FUNCAS
Other collaboration: Rodríguez Planas, Miquel; Monner, Carlota; Everis; ESCI-UPF International Busisness
Editor(s): PPSRC - Public-Private Sector Research Center
Languages: English
Geographic area: Spain