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Spain: 'From Recovery to Resilience' Conference kicked off today at Madrid

The conference will bring together economists and analysts from academia, think tanks, and policy making institutions from inside and outside Spain.

Spain: 'From Recovery to Resilience' Conference kicked off today at Madrid
Sustained and inclusive economic path for Spain (Representative Image)

The one day joint conference between the International Monetary Fund (IMF) and Bank of Spain started earlier today in Madrid, Spain.

The conference aims to draw lessons, including for Europe, from Spain's crisis responses and discuss policy options that ensure a sustained and inclusive economic path forward.

The conference will hold 3 key sessions and a panel discussion to explore the following issues:

  • Session1: Lowering Fiscal Vulnerabilities

This session will focus on the policy priorities for addressing medium-term fiscal challenges in Spain. The session will explore options to bring down the still high level of public debt while supporting growth, and reform needs to handle rising pressures from population ageing.

The session will also discuss how to improve the fiscal governance framework, both at the national and European Union levels, to support the achievement of fiscal objectives in the medium term.

  • Session 2: Reducing High Structural Unemployment and Labor Market Duality

This session will discuss the key achievements of the 2012 labor market reforms as well as the policy priorities to tackle the main weaknesses of the Spanish labor market, with a special focus on structural unemployment and duality.

The session will also address recent labor market trends in Spain, including wage inequality, and other challenges ahead such as job automation, which are likely to affect labor market prospects.

  • Session 3: Raising Medium-Term Growth Prospects

This session will discuss factors that have contributed to the global productivity slowdown, including the rate at which firms adopt new technologies, and zero in on impediments to stronger productivity growth in Spain. It will discuss barriers to competition in product and services markets.

It will review the impact from the regulatory and administrative burden for Spanish firms, which face three layers of administration. And it will assess what holds back more research and development spending. For all aspects, the session will discuss policy options, at the Spanish and EU level that can help lift productivity and medium-term growth prospects and draw on country experiences with structural reforms.

  • Panel Discussions

The panel discussion will focus on the architectural reform needs for completing the banking union, with a particular emphasis on the balance between reducing legacy risks and greater risk sharing, including to progress on adopting a European Deposit Insurance Scheme.

The panelists will also explore options to streamline the application of state aid rules, drawing from the recent country experiences, to ensure effective crisis management and fair competition in the single market. Finally, the panelists will discuss the key elements of the architecture that would improve the functioning of the single banking market, while providing the right balance between centralized and local responsibilities for maintaining financial stability.

The conference will bring together economists and analysts from academia, think tanks, and policy making institutions from inside and outside Spain.

(All the data and facts above have been reproduced from the IMF as it is. Devdiscourse bears no responsibility towards grammatical or factual errors that may have been presented in the report.)



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