Fondo Monetario Internacional Consulta del Artículo IV de 2014con España Declaración Final de la Misión Madrid,27de mayo de2014

Fondo Monetario Internacional
Consulta del Artículo IV de
2014con España
Declaración Final de la Misión
Madrid,27de mayo de2014



International Monetary Fund
Article IV Consultation
2014con Spain
Final Mission Statement
Madrid, May 27th de2014

The Spanish economy has taken a turn. recoverystarted andnthe second half2013 andhas gainedforcein the first quarter of this year,recording theeconomythehighest growthfromyear2008 .Thanks to the strength ofexports andthenotableimprovement in conditionsthemerketsfinancials, Confidence has recoveredand isfavoringthe increase in private consumption andofbusiness investment.Lor which isimportant,improvements were seen in thelabor market.We anticipate thatrecovery will continuein the medium term.This recovery reflects the collective efforts of the Spanish society. In particular ,measuresdecisivepolicyeconomicadoptedare beginning to bear fruit :thedifficultdecisions on spending , taxesand pensions, have strengthenedthe budget system andofpensiornthis issupportndoto protect the welfare statein Spain facing thefuture .By forcing weak bankstorepair their balance sheets, the sector programfinancial, Which has beencompletado successfully,is supporting recovery throughimproving credit conditions .These budgetary and financial sector measures , along with effortscrucialmadeat European level, have helped reducethe costs offinanciationlevels of governmenthistorically lowcatalyzesndoretrieval.The labor reform and wage moderation are helpingtransformthejob destructioninjob creation. Comparedtheyearprevious, theunemploymentdeclined in the first quarter of 2014 and employmentRISINGorin April,year terms ,inabout 200,000affiliations to social security.These collective efforts have substantially improved the outlook of creationjobsandofimproving conditionslife . Without these effortstherecession couldhave continued andunemploymentfollowincrease .However,Spaniards are still suffering the legacy of the economic crisis.mostoutstanding, 5.9 million peopleare unemployedandmore than half of themlead inthis situationover a year .due, The average incomeHouseholdcontinuesbelow pre -crisis levels . Households , businesses and the government stillfacehigh debt burden.
 That is whyAll these efforts must continue to ensure that therecovery is strong and durable.Recovery also has to be inclusivaforthattheunemployedmayprofitmore opportunitiesemployment . we suggestfour priority areasofaction.1.Help businesses to growr, Hire and invest.thecompanies have suffered constantpressure reducingcosts, includinggoing cutstemplate. The necessary process of reductionng thecorporate debt couldhelp grow andtocreate jobsif the processis supported by creditors,restructuring excesscorporate debt operacionalmente viable.Todtos parties involved in these processescan win if you mitigatesthissource of financial pressurefor businessesandfavors itsgrowth. The inner experiencetion suggestsa holistic strategy that catalyzedthe sector S.lico but that includes all thespartsThose interestedtos , it mayaccelerate withoutunderminethe payment culture. For example , banks couldagree a code ofsimilar to that of individuals , voluntary behavior thatofferedtoSMEshighlyindebtedbut viableoperationallyA menu ofoptionsstandardizeddandrestructuring. Given the broad public interest in releasing the growth potentialthese companies , the government should also be involved , for example,allowingtax and debtbeforesocial security are reandstructuradas at levelsthem sustainable if othercreditors do the same, without damaging the fulfillment of tax obligations.The debt reduction must alsoestuaryprovidedreinforcingall the moreunderinsolvenciesstarting fromthes recent improvementsthe sameWith aemphasisspecial focus on helpingSMEs,including individual entrepreneurs.In this sense , it could be consideredintroducepersonal insolvency framework that would allow insolvent debtors one"fresh-start "after submitting hiss seizable assets and after a periodconsiderable good faith effort to meet its outstanding debts .theexperience in other European countries has shown that such a frameworkcan be designed toalsois dand interestforsectorfinancial and preserve the strong culture of Spanish payment.Deben continuealsolefforts willallowingstrengthen the ability of banks tosupport the economy .El banking system is now stronger and saferand conditionsfinancialisn starting to soften,whilecredit iscontractingfasterof desiredand thatdifficultrecovery. largemeasureThis is due to lack ofofsends solvent companies , which could be enhanced by measurespromoterestructuring ( asindicatedabove ) . However, despitetherecent progress,thisresponds situation , largelythat banks have increased their ratioscapitalby contractingthecreditrather than increasing the capital. Por Thus, to support therecovery , banks should continue to increasetheircapital levels , among othermeasureslimitedndocash dividends andthebonus,and reducing costs.

Two .Reduce regulatory barriers to promote andmployment and growth.reductionofregulatory barriers thatconstrain the activities of companies in Spainhelp to improve efficiency and increase employment. this,together with the moderaciónwage , would help ensure that therecoverytranslates into job creation fortheunemployed labor saferral for employees andlowerliving costs . theseactionsstrengthenalso competitiveness, thereby allowing continuedremarkabletrade improvementoutdoor esplish , this beingcrucialto make recoverydurable.This requires multipleactions specsíficasinseveral fronts.particularlyapplying relevantLaw of Unity Marketing, which seeks to eliminate barriershinder growthationcompaniesand its activityinthe Autonomous Communities.For example , approximately 2.700 regulatory barriers have been identified , most levelautonomic,andall levelsles of government must ensure its prompt removal.this isequally important to removeregulatory barriersin Professional Servicesandshouldsubmit to Parliament without delay , a legal textambitiousfor approval withoutgranttreatmentspecial interestscreated.additional effortsinthemarket workingSpanishenhancing its favordynamic and inclusive .Additional actions are necessary ,especially pArtregional governments,to helpunemployed to improve theirsjob skillsandfind a jobby implementingplansforextend the use oftheprivate employment agencies employmenttheimprovementoftraining services,opening them to competition,andtheestablishmentment ofa single portal jobsfor Spain.improvethecontracts balanceundefinedwith high protectionand contractsprecarious temporary increase recruitmentindefinidaandthus itencourage companies to invest more in their employees.improvecapacityindividual companiesforadapt compensationtheworkerstheirtermsspecific productivity would better align thewages and help companiesin difficulty. These changes help to ensurer that future crises are translatedlesserdestructionemployment .

  Three .Continue withfiscal consolidationconducivegrowth and employmentSpain has progressedmuch inreductiondeficit in the last two yearsanvery complicated environment .However,deficit remains high and the debt , andto forabove the average of the euro area ,is rapidly approaching 100 % of GDP. getreverse the senda debt is crucial to ensurethe recoverya lastinganditbe requiredFurther efforts to reduce the deficit . These efforts have to be gradual andandstar well designed to minimizeimpactnegativegrowth and empI read. inparticular,f the next reformiscal is a key opportunityto get threekey objectives:Po protect public services for current and future generationsrequirestheincomeincrease.In particular , there is scope for aument incomeof thetaxationindirectto.l increaseorsexcisetaxesenvironmental and gradually reduce the preferential VAT treatmentaligning allowcollector effortofSpain with that ofother partnersEuropean .This has to be accompanied by clearly identified measures to protectthe most vulnerable.Help create andmployment for the lowqualified.This could be doneencouraging businesses to employ workers with lowqualified reducingcorrespondingcontributions to social security . To protect the systemsecuritysocial , the cost would be covered by transfersofcentral government.Promoting growth inclusivo.Baselyoutaxssobre income mustextended by reducing exemptions andregimesspecial . There is scope to reducegraduallytypecorporation taxfor growth( but not to the 20 % , which isto below the EU average) . However,given the need tomaintain the level of public revenuesandpreserveprogressiveness,no lessmarginsignificantly reducingthetypesmaximumsincome tax .April .More support from EuropeThe momentum peconomic olicy moreyou decidedbyEuropean partners helprecovery both locallyeuro andSpain; particularly those that favorreductionthe costands fundingofthecompanies and householdsSpanishandaincreasedemand for Spanish exports. IMF staff has recommendedfurther monetary easing by the ECB to achieveitsstability objectiveprices and to support demand, While reducingfragmentationfinancial . He also urgedadvance

• towards a more ambitious banking union .

国際通貨基金
第4条コンサルテーション
スペイン2014con
最終的なミッション·ステートメント
マドリード、5月27日de2014



 Internationaler Währungsfonds
Artikel IV-Konsultation
2014con Spanien
Finale Mission Statement
Madrid, 27. Mai de2014