- Funding Programme
- Year
- 2023
Capital markets for a vibrant and sustainable Spanish economy and corporate sector
The European Commission supported Spain in analysing its capital market landscape and identified areas for improvement. The project developed practical, evidence-based recommendations to help Spain’s capital markets better mobilise long-term financing, support productivity, and drive sustainable growth, in line with the EU’s Savings and Investment Union agenda. It delivered a clear reform roadmap for the Spanish government and market participants.
Context
The 2008 financial and euro crises had long-lasting effects on Spain’s economy and capital markets. While both have partly recovered, progress has been slow. A key reason is the limited size and depth of Spain’s capital markets, with companies relying heavily on bank financing and facing few alternative funding options. This has constrained firms’ access to capital, slowed recovery, and continues to weigh on long-term growth. Today, many Spanish SMEs still see access to finance as a major barrier to investment. Capital market development has become a key priority in EU policy debates. Strengthening Spain’s capital markets is essential both for the European project and for allowing Spain to fully benefit from more integrated EU markets.
Support delivered
Who: The project was carried out by the OECD, working closely with the Spanish National Securities Market Commission (CNMV) and the European Commission. It also involved input from a wide range of market participants, including companies, regulators and financial institutions.
What: The OECD conducted a full review of Spain’s capital markets. This included data analysis, a survey of Spanish companies, stakeholder consultations, and a review of the legal and regulatory framework. The project resulted in a Final Report including policy recommendations.
When: The project started in July 2023 and ran throughout 2023 and 2024, with key milestones including stakeholder meetings in March and September 2024, and the launch of the final report on December 5th 2024.
Where: Work was carried out both remotely and through in-person meetings in Madrid.
Why: The aim was to identify key challenges in Spain’s capital markets and provide practical recommendations to improve access to financing and support economic growth.
Results achieved
The final report was launched in Madrid on 5 December 2024 at an event hosted by the CNMV, with senior representatives from the Spanish government, market participants, the European Commission and the OECD.
The recommendations formed the basis for two working groups set up by the CNMV in early 2025 to support their implementation—one focused on supply-side measures and the other on demand-side measures. The OECD also provided follow-up support and feedback to the CNMV during the preparation of implementation reports.
In June 2025, the CNMV also launched its strategy document “CNMV 2030: A Supervisor for a New Era.” As part of this plan, the CNMV committed to coordinating and monitoring the implementation of proposals and measures based on the project’s recommendations to revitalise Spain’s capital markets.
Additionally, on 9 February 2026, the CNMV published a monitoring report and roadmap setting out suggested measures to implement the project’s recommendations for revitalising Spain’s capital markets. The roadmap represents a coordinated effort among private and public (as observers) stakeholders to help strengthen capital markets as a source of financing for the real economy.
More about the project
You can read the documents related to the project here: