Pablo Hernández de Cos: The macroeconomic outlook for Spain in a global context and upcoming fiscal challenges

Testimony by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, before Parliament in relation to the Draft State and Social Security Budget for 2019, Madrid, 28 January 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
12 February 2019
by Pablo Hernández de Cos
PDF full text
(804kb)
  |  18 pages

Ladies and gentlemen,

For the first time I am appearing before you in this Chamber as part of the process to discuss and approve the State and Social Security Budget for 2019 (hereinafter "Draft Budget").

During my address I shall first be reviewing the developments in and the macroeconomic outlook for the Spanish economy, within the international context. I shall then offer my views on the main aspects of the Draft Budget for 2019. To conclude, I shall mention what are, in my opinion, the fiscal policy challenges our country faces over the coming years.

1 Macroeconomic forecasts for the Spanish economy

The Banco de España's latest macroeconomic projections for the Spanish economy were published on 14 December last year, taking as a reference the information available at end-November.