B.Ll., Dr. Iuris (Madrid), M.Sc. (Econ), Ph.D. (London)
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A weak €zone
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Money market interest rates
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€zone inflation (Annual % changes)
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Spreads against Germany
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Probability of credit events
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€ effective exchange rate
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€zone current account surplus
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€zone & US stock indices
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Spain was pretty sick
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Spain’s value added in construction
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Unemployment and employment rates (Spain)
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€zone unemployment
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Spain: bank loans
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Spanish bank: non performing loans
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Doubtful bank assets(SAREB effect shaded area)
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Spain is convalescing
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Economic forecast (Spanish Government)
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Foreign sector contribution to GDP growth
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Competitiveness
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Exports grow, more than imports
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Spain’s current account in surplus
• In the full year 2013, the current account recorded a surplus of EUR 7.1 billion (equivalent to 0.7% of GDP), which contrasts the EUR 11.5 billion deficit (equivalent to 1.1% of GDP) tallied in 2012 and marks the first surplus since 1986
• Consensus reckons surplus to be 1.9% of GDP in 2014 • In 2015 surplus could reach 2.2 % of GDP