We always look through transitory changes in euro area HICP inflation. As in the euro area, underlying price pressures in Spain remain subdued. So isn’t it time to withdraw the stimulus measures? We anticipate that the recovery will be reflected in hard data and not only in confidence indicators. We have more confidence in the economic outlook.
It is also equivalent to 5.4 times the country’s shortterm external debt based on original maturity. The sustained favorable external debt profile is also another factor supporting the external sector position. The country’s external debt metrics have steadily improved.