Sumario

Letter from the Editors Economic forecasts for Spain: 2019-2021 / Raymond Torres and María Jesús Fernández Deconstructing Spain’s net borrowing/lending position by institutional sectors / María Jesús Fernández Spain’s fiscal consolidation: Situation and outlook / Santiago Lago Peñas Spanish public debt holdings at the end of the ECB’s purchase programme / José Manuel Amor and David del Val, A.F.I. Interest rates and bank margins under protracted, exceptional monetary policy / Santiago Carbó Valverde and Francisco Rodríguez Fernández Downsizing, productivity and efficiency in the Spanish banking system / Ángel Berges, Federica Troiano and Fernando Rojas, A.F.I. Recent key developments in the area of Spanish financial regulation / Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks Spanish economic forecasts panel: May 2019 / Funcas Economic Trends and Statistics Department KEY FACTS Economic Indicators Financial System Indicators Social Indicators