9.- "Economic recovery and the persistence of fragilities: Spain’s domestic debt and foreign sector 2013-2016"

This Policy Brief is focus on two highly relevant issues: First, the role of international confidence in Spain’s ongoing recovery and, thus, indirectly, the role of internal reforms, specifically those affecting the governance of the euro and the activity of the ECB. In fact, this radical shift can be identified as the hinge that separates the second recession (2011-2013) from the growth stage (2014-2016), a diagnosis for which there is already broad consensus (European Commission, 2016c). Second, we examine the role being played by domestic and foreign debt in the recovery, given their importance in the origin of the problems underlying the euro crisis (European Commission, 2016A).