![Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP](https://blogs.lse.ac.uk/europpblog/files/2012/08/Muniz-Fig-4.jpg)
Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP
Countercyclical capital buffer (CCyB) - Macroprudential tools - Financial stability and macroprudential policy - Activities - Banco de España
![IIF on X: "This week's Global Macro Views extends our previous exploration of our inflation-consistent output gap framework, zooming in on Italy and Spain. We find evidence of substantial slack in Italy, IIF on X: "This week's Global Macro Views extends our previous exploration of our inflation-consistent output gap framework, zooming in on Italy and Spain. We find evidence of substantial slack in Italy,](https://pbs.twimg.com/media/EtehBwHWYAAHMOc.png:large)
IIF on X: "This week's Global Macro Views extends our previous exploration of our inflation-consistent output gap framework, zooming in on Italy and Spain. We find evidence of substantial slack in Italy,
![Philipp Heimberger on X: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates Philipp Heimberger on X: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates](https://pbs.twimg.com/media/ElZiU-nWMAMokzP.jpg)
Philipp Heimberger on X: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates
![Robin Brooks on X: "@adam_tooze @IMFNews IMF potential GDP estimates for Italy (lhs) & Spain (rhs) illustrate the basic issue. Italy GDP stagnated for many years, so potential GDP "bends" down, in Robin Brooks on X: "@adam_tooze @IMFNews IMF potential GDP estimates for Italy (lhs) & Spain (rhs) illustrate the basic issue. Italy GDP stagnated for many years, so potential GDP "bends" down, in](https://pbs.twimg.com/media/ElBs5YQW0Ag07mO.png)
Robin Brooks on X: "@adam_tooze @IMFNews IMF potential GDP estimates for Italy (lhs) & Spain (rhs) illustrate the basic issue. Italy GDP stagnated for many years, so potential GDP "bends" down, in
![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1477.jpg)
Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)
![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1478.jpg)