For Spain, see for example Cuerpo, Carlos and Pontuch, Peter, (2013), ‘Spanish housing market: adjustments and implications’, European Commission– ECFIN, 10(8). 2 See Garrido, José, Anke Weber, and Emanuel A. Kopp, (2016), ‘Cleaning-up Bank Balance Sheets: Economic,  Legal, and Supervisory Measures for Italy’, IMF Working Paper WP/16/135. 3 The Draft Guidance to banks on non-performing loans can be found here.
Unemployment is at a half-century low, and inflation is running close to, but a bit below, our 2 percent objective. While not everyone fully shares economic opportunities and the economy faces some risks, overall, it is—as I like to say—in a good place. Our job is to keep it there as long as possible.