This report diagnoses the recent performance of the Spanish economy and argues for a series of measures to restore growth and embark on a new development stage that offers society new opportunities for progress. If it is to reclaim its place in the global economy, Spain needs to undertake a modernization of its productive structure that involves the intensive use of innovation and knowledge assets and a root-and-branch renewal of supporting institutions.

This will require urgent action from the corporate and public sectors, anchored on a social climate favorable to reform. The goals are essentially five: a change in our country’s productive specialization, the strengthening of company competitiveness, the reform of education and employment, the recovery of our financial system, and the redefinition of key public policies.

Although these measures will need time to take effect, we must apply them without delay or else run the risk of slipping down the international ladder and squandering the opportunities that come with our present level of development.