Spain and the European Recovery Plan

Spain and the European Recovery Plan

Fecha: julio 2020

Eduardo Bandrés, Lola Gadea, Vicente Salas y Yolanda Sauras

Plan Europeo de Recuperación, COVID-19, Next Generation UE, Medidas económicas, SURE, Créditos MEDE, Fondos BEI

SEFO, Spanish and International Economic & Financial Outlook, V. 9 N.º 4

OECD forecasts indicate that Spain is one of the countries most impacted by COVID-19. However, its fiscal stimulus measures are small in comparison with other countries, such as the UK and Germany. For this reason, Spain’s recovery will rely heavily on support from EU funds. Given the time-sensitive nature of responding to the pandemic’s economic consequences and the schedule of European Recovery Plan payments, it is essential that Spain accesses other EU funding initiatives. The Spanish government has already expressed its desire to use the SURE scheme, which will be available until the end of 2022, and may also use the ESM credit line, which would provide Spain with 10-year financing on more attractive terms than those offered by the financial markets. However, the ability to tap these EU initiatives will depend on Spain’s capacity to demonstrate the allocation of funds to support the EU’s twin green and digital transition objectives.

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