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OECD Economic Surveys: Spain 2007

image of OECD Economic Surveys: Spain 2007

This edition of OECD's periodic survey of Spain's economy examines the key policy challenges Spain will be facing.  In particular, it examines the chellenges of returning to more sustainable growth, of managing fiscal policy, of strengthening innovation and of improving the functioning of goods and services markets.

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Improving the functioning of goods and service markets

As part of their efforts to establish conditions conducive to increased productivity growth, the Spanish authorities have made improving the functioning of the goods and services markets one of their priorities. Efficient organisation of these markets is one of the essential ingredients of a dynamic economy, helping as it does to stimulate efficient static resource allocation, reduce costs and encourage innovation. In Spain, there is indeed a great deal of room to enhance competition. This chapter looks at the main shortcomings of the product markets and analyses the reforms introduced in recent years. These reforms are designed first of all to modernise the general competition policy framework, but they also concern numerous sectoral aspects such as the regulation of certain network industries, in particular electricity and the distributive trades sector, as well as questions relating to corporate governance. The main economic policy recommendations deriving from this analysis are summarized at the end of the chapter.

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