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• The Spanish economy is growing and, for the first time since the onset of the crisis, the risks are to the upside.
• Exports will continue to lead growth supported by progress in developed economies and geographical diversification.
• New credit is growing, particularly for companies, which will help to consolidate the recovery.
• The ECB should be more forceful about ensuring its inflation target is met, which will facilitate gains in competitiveness and deleveraging in Spain.
• The tax reform needs to promote greater transparency, neutrality and efficiency, to help job-creation and the sustainability of public-sector accounts.