9.07.2012
SPAIN
MEMORANDUM OF UNDERSTANDING ON
FINANCIAL-SECTOR POLICY CONDITIONALITY
XX JULY 2012
With regard to the EFSF Framework Agreement, and in particular Article 2 (1) thereof, this Memorandum of Understanding on financial-sector policy conditionality (MoU), details the policy conditions as embedded in Council Decision […] of 20 July 2012 on specific measures to reinforce financial stability in Spain. Given the nature of the financial support provided to Spain, conditionality will be financial-sector specific and will include both bankspecific conditionality in line with State aid rules and horizontal conditionality. In parallel, Spain will have to comply fully with its commitments and obligations under the EDP and the recommendations to address macroeconomic imbalances within the framework of the European Semester. Progress in meeting these obligations under the relevant EU procedures will be closely monitored in parallel with the regular review of programme implementation.
For the duration of the EFSF financial assistance, the Spanish authorities will take all the necessary measures to ensure a successful implementation of the programme. They also commit to consult ex-ante with the European Commission, and the European Central Bank (ECB) on the adoption of financial-sector policies that are not included in this MoU but that could have a material impact on the achievement of programme objectives – the technical advice of the International Monetary Fund (IMF) will also be solicited. They will also provide the European Commission, the ECB and the IMF with all information required to monitor progress in programme implementation and to track the financial situation. Annex 1 provides a provisional list of data requirements.
http://www.rtve.es/contenidos/documentos/20120709_MOU_ESP_BORRADOR.pdf
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