• Spain needs reforms, including banking regulation and “ambitious ” public sector savings
  • Spain’s big banks won’t need EU recapitalizations
  • ECB measures, debt purchases were “positive”
  • Spain will end the year with its current account close to balance and “quite favourable ” inflation
  • Spanish labour costs allow and are “compatible” for competitive gains
  • Crisis shows problems in the Euro framework

Bloomberg reporting as the BOS chief speaks in Madrid