The Treasury reduces the issuance planned for 2020 by 15,000 million euros



  • With this reduction, the net issuance will amount to 115,000 million euros and the gross issuance to 282,137 million
  • Good financing conditions, improved revenue performance, efficient management and prudence in estimating needs have allowed the volume of financing to be reduced
  • The Treasury in May reviewed the 2020 financing program to finance the social and economic measures put in place to face the COVID-19 crises
  • The Treasury has shown a great capacity to adapt in a complex environment, with the increase in emissions, the creation of new references and the flexibility of auctions
  • Issues have registered demand records and the participation of international investors continues to be high, which shows their confidence in Spain
  • During the year, the cost of outstanding debt continued to fall, reaching a record low of 1.93% and the average cost of issued debt, which is 0.23%
  • The reduction in financing costs will allow the burden of interest on the State and Public Administrations to decrease
  • The reduction of the financing program, together with the use of SURE funds, allows the expected emissions to be cut in half for the remainder of the year

The Secretary General of the Treasury and International Financing, Carlos San Basilio, announced today that the Treasury will reduce the volume of net financing planned for 2020 by 15,000 million. In this way, the net issuance will be 115,000 million euros and the gross financing will amount to 282,137 million.

The good financing conditions, as well as the improvement in the evolution of the expected income, the early repayments of the autonomous communities, the prudent estimate made in May, and the effective management of the Treasury have allowed to reduce the volume of financing required this year.

The Public Treasury revised its annual program in May to address the additional financing needs arising from the implementation of social and economic measures to address COVID-19. The agile and rapid response of the Treasury has made it possible to maintain public services in a context of high needs.

Likewise, it has implemented different measures to efficiently manage the increase in financing. The Treasury has increased the size of the auctions and has relaxed the conditions to participate in the second round. The bank syndication procedure has also been used to a greater extent, having issued a nominal volume of 52,000 million euros through five issues.

New references have been issued, highlighting the 7-year issue carried out in March, which was a pioneer in the European market, and the 10-year syndication carried out in April, which was the largest in the history of the capital market and registered the highest demand. registration received by any public or private issuer, up to that moment, for a single reference.

The effort in recent years to expand and deepen the investment base has allowed the weight of non-resident investors to remain at 47%. Likewise, despite the strong increase in investments, the coverage ratio has increased significantly, especially in the longer tranches, which shows investor confidence.

The cost of debt is at historic lows

The average cost of new issues has been decreasing throughout the year and stands at 0.23%, the same level as in 2019. This has allowed the average cost of outstanding debt to continue to fall and to stand at 1.93%, which constitutes a new all-time low. All of this has been possible while the average life of the State Debt portfolio continues to increase to maximum levels, currently standing at 7.75 years.

Despite the increase in financing needs, the reduction in costs will allow the interest payment to decrease and the effort required to meet its payment to be contained.

SURE Resources

With the reduction in financing needs for 2020, the Treasury expects gross financing of almost € 32 billion by the end of the year.

Approximately 10 billion is expected to be covered by the new SURE instrument in 2020, once the European Commission has announced the start of its issuance program. These funds will be used to cover the expenses of the different programs launched to reduce the impact on employment of COVID-19. The rest of the funds allocated to Spain, until completing the 21,325 approved, will be received in 2021.

The reduction of the financing program will reduce financing needs from 47,000 to 32,000 until the end of the year, which, together with the use of SURE funds, will reduce the Treasury's use of the capital market in the remainder of the year to 22,000 millions of euros. Therefore, no more syndicated issues are expected in 2020.

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Fundación Telefónica, CEOE and the Fundación Laboral de la Construcción launch the second edition of the ‘Nanogrado de la Construcción 4.0’

Fundación Telefónica, CEOE and the Fundación Laboral de la Construcción launch the second edition of the ‘Nanogrado de la Construcción 4.0’


In the middle of a State of Alarm for the Covid-19 pandemic, Fundación Telefónica, the Spanish Confederation of Business Organizations (CEOE) and the Construction Labor Foundation launched the new training itinerary, online and free, “Nanogrado Construcción 4.0”, with a duration of 220 hours of training organized through seven flexible modules specialized in different subjects whose objective is to contribute to promoting digitization in the sector.

The three entities are now launching the second edition of this innovative itinerary, in which so far a total of 4,653 professionals have been trained in any of these modules since April, registering more than 11,000 registrations for the various modules. , which means that each person has completed an average of almost two and a half modules.

The registration period for this second edition is now open and the modules will begin on November 3. Registration is done online through the following link: https://conectaempleo-formacion.fundaciontelefonica.com/con-ceoe-y-flc.

The most successful modules

The Nanograd contents cover transversal knowledge common to any sector -digital marketing, web analytics or big data; efficient use of the smartphone in project management and new work environments and methodologies in Industry 4.0-, and specific competences of the sector -Building Information Modeling (BIM) methodology, introduction to Big Data, Internet of things (IoT) or cases of successful digitization in construction companies.

The module in which more students have been trained has been "New work environments and methodologies in Industry 4.0" (2,196), followed by "Digital Marketing and Web Analytics" (1,993), and "BIM Methodology" (1,670).

It should also be noted that more than 600 students completed 100% of the Nanograduate, completing the seven modules that make it up and, therefore, will be eligible for its certification.

The project "Professionals 4.0"

The "Nanograd Construction 4.0" is the first initiative framed within the "Professionals 4.0" program, created and launched by Fundación Telefónica and CEOE in 2019, with the aim of promoting the digitization of the Spanish productive sector. In turn, this project is part of the “Conecta Empleo” initiative, Fundación Telefónica's digital training program, which offers free, quality training so that people can obtain a specialization in the most demanded digital professions, learn the skills and necessary digital skills and can connect their participants with the country's technology companies.

Currently, almost half of the Spanish population still lacks digital skills, a fact that has become more relevant since the socio-health crisis of Covid-19 and that, without a doubt, implies a high risk of exclusion and social gap, in a labor context uncertain and increasingly digital.

Construction – through the Construction Labor Foundation – has been the first sector chosen to carry out this completely free and online training, as it is in the process of digitization, especially due to the arrival of the new collaborative work concept called Building Information Modeling (BIM).



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The CEOE Concessions Commission celebrates a conference in which the Report “Social benefits of the concession model in road management” was presented

The CEOE Concessions Commission celebrates a conference in which the Report “Social benefits of the concession model in road management” was presented


This morning the meeting of the CEOE Concessions Commission was held under the chairmanship of Julián Núñez, in which professor Juan Manuel Vassallo (Polytechnic University of Madrid) presented the Report “Social benefits of the concession model in road managements ”, which analyzes the advantages of the concession system.

At the meeting, the advantages of the public-private partnership model and the great opportunity offered by said model to optimize European funds for the economic recovery of Spain were exposed. Likewise, the president of the Commission has reported on the parliamentary processing of different bills that affect the concession sector.

The meeting of the Commission has also served to reaffirm the need to remove regulatory obstacles for the proper development of the concession system and public-private collaboration in Spain, such as the modification of the Deindexation Law, or the reactivation of the National Evaluation Office.

In this sense, the Department of Digitization, Innovation, Trade and Infrastructure, on which the Concessions Commission depends, will coordinate the proposals for legal reforms and investment opportunities that are configured from the concession sector to collaborate with the Recovery Plan of the Spanish economy.



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CEOE International encourages reflection on the reform proposals of the development cooperation system



CEOE International encourages reflection on the reform proposals of the development cooperation system



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Marta Blanco participates in the BIAC-OECD virtual meeting on the Resilience of Global Supply Chains

Marta Blanco participates in the BIAC-OECD virtual meeting on the Resilience of Global Supply Chains


The president of CEOE International and vice president of the Business at OECD Trade Committee, has participated in the virtual meeting, organized by Business at OECD with the OECD, to discuss the Resilience of Global Supply Chains and Experiences during the Pandemic. The meeting was attended by the new OECD Director of Trade, Marion Jansen.

The meeting discussed with the OECD the main conclusions reached in the consultative work carried out by Business at OECD on supply chains that are included in its report: Covid-19 Supply Chain Case Studies. To comPilation of business perspectives on the pandemic’s disruptive effects.

Three fundamental aspects stand out from the intervention by Marta Blanco:

  • The importance of market opening and defense of multilateralism for diversification.
  • The need to work on creating a virtual trust framework, essential for the development of commercial relationships given the rise of electronic commerce during the pandemic.
  • The multilateral coordination in mobility, as a matter of priority for the continuation of business. It is necessary to reach a common criterion, to work on the transparency of the measures and in alternative wayss travel safe. Attention is drawn to the need to avoid the imposition of quarantines, opting for other alternatives such as testing at origin or destination.



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European funds and extraordinary transfers to Social Security and Autonomous Communities place the 2021 spending ceiling at 196,097 million




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  • The Government approves the agreement on the limit of non-financial expenditure that suspends, following European recommendations, the fiscal rules
  • The public deficit will register one of its biggest declines next year and will drop 3.6 points to 7.7% of GDP
  • In line with national and international organizations, a fall in GDP of 11.2% is expected in 2020 and a recovery in 2021 of 7.2%
  • The effect of the Recovery, Transformation and Resilience Plan can boost economic growth in 2021 by more than two additional points, up to 9.8%, thanks to the greater dynamism of investment, exports, consumption and employment

The Council of Ministers today approved an Agreement to establish the limit of non-financial spending by the State for 2021, which is a fundamental step for the preparation of the General Budgets, which should lay the foundations for the social and economic reconstruction of the country. This is a spending ceiling that amounts to 196,097 million euros. It is a figure that does not allow a homogeneous comparison with previous years due to the pandemic context in which it has been drawn up and because it includes extraordinary transfers to CCAA and Social Security, as well as the significant absorption of a first package of European funds.

Likewise, the agreement also contemplates suspending the fiscal rules in 2020 and 2021. This is an extraordinary measure that is adopted in a pandemic scenario and is based on the decision taken by the European Commission to activate the safeguard clause for this year and next.

The objective of the Executive with this measure is to make available to all the public administrations all the possible tools to face the health emergency and, at the same time, allow a fiscal flexibility that allows promoting economic and social recovery.

The Government will ask Congress to assess whether Spain is in an emergency situation that allows it to adopt this exceptional measure contemplated in the Spanish Constitution and in the Stability Law.

In any case, as the Minister of Finance, María Jesús Montero, has recalled, the suspension of fiscal rules does not mean that fiscal responsibility disappears. In fact, the Government's intention is to move towards a downward path of the public deficit that will start significantly from next year.

Suspension of fiscal rules

In a scenario of a global pandemic, the European Commission decided to apply the general safeguard clause of the Stability and Growth Pact in 2020, which will also be extended in 2021. This measure allows Member States to suspend the path of fiscal consolidation approved earlier of the crisis.

Following these guidelines from the community authorities, the Government of Spain today approved suspending the fiscal rules in 2020 and 2021. This is a measure that other European countries have adopted and that has also received the approval of the IMF.

As a consequence of this decision, the Council of Ministers has suspended the path and the stability objectives approved by the Government in February, which have been completely out of date due to the impact of the crisis.

The suspension of fiscal rules, in addition to going in the same direction as that adopted by the EU, is a measure protected by the Spanish Constitution and by the Stability Law. Specifically, article 135.4 of the Magna Carta includes this suspension in the event of “natural catastrophes, economic recession or extraordinary emergency situations that are beyond the control of the State and considerably harm the financial situation or the economic or social sustainability of the State, appreciated by the absolute majority of the members of the Congress of Deputies ”.

Therefore, the Council of Ministers has asked Congress to declare whether Spain is in one of those cases set out in the Constitution and that enable the suspension of fiscal rules. The Minister of Finance has shown her confidence that the Lower House will have no difficulties in pronouncing in favor of a measure that "provides public administrations with sufficient flexibility to address the health, social and economic crisis."

However, the head of the Treasury has made it clear that the suspension of the fiscal rules does not mean the disappearance of fiscal responsibility. In fact, Montero has stressed that the Government does not renounce budgetary stability or the principle of prudence when it comes to carrying out the General Budgets.

In this sense, the Minister of Finance explained that, despite the absence of stability objectives for next year, some reference deficits have been established based on the growth forecast and that they should serve as a guide to prepare the accounts public to each of the administrations.

Deficit reference

The forecast for the current year is that the public deficit will close at around 11.3% of GDP. A high figure due to the impact of the pandemic, but Montero has emphasized that the Government's intention is to start the path of fiscal consolidation through a gradual reduction of the public deficit starting next year. In fact, the reference deficit in 2021 will be 7.7%, which represents a decrease of 3.6 points compared to 2020. This is one of the largest deficit reductions ever recorded.

The Minister of Finance has stressed that the reduction of the deficit will not be at the cost of applying cuts and widening inequalities, but will be compatible with the strengthening of the Welfare State and the social and economic recovery of the country.

References by subsectors

The reference deficit by subsector shows how the Central Administration assumes most of the cost of the pandemic, something that has occurred since the start of the health emergency. In fact, the Central Administration will assume a large part of the deficit of the Autonomous Communities and Social Security.

In principle, the reference rate for the deficit of 7.7% for 2021 would be distributed as follows: 2.4% for the Central Administration; 2.2% for the Autonomous Communities; 3% for Social Security; and 0.1% for Local Entities.

However, the Minister of Finance has announced that the Government will approve extraordinary transfers of 18,396 million euros for Social Security and 13,486 million for the Autonomous Communities. That is, the State will assume 31,882 million of deficit of the Social Security and the Autonomous Communities.

Therefore, the reference rate in 2021 will finally be 5.2% for the Central Administration. The reference of the Autonomous Communities will be reduced by half and will stand at 1.1%. Social Security will go from a reference deficit of 3% to 1.3%.

Local Entities will maintain their deficit rate of 0.1%, although thanks to the suspension of fiscal rules they will be able to make use of their remainder and thus contribute to the economic and social recovery of Spain.

Spending ceiling

The Council of Ministers has also set today the limit of non-financial expenditure of the State for 2021. It is a key step for the preparation of the General Budgets that aim to rebuild the economic, social and health damages caused by the pandemic. The minister has indicated that public accounts should also be the vehicle for channeling European funds that allow the design of the transformation of Spain's production model towards greater digitization, a boost to the energy transition and greater gender equality.

All these circumstances mean that the spending ceiling for 2021 is not comparable to that of previous years. In fact, to analyze the spending ceiling, various factors must be taken into account.

In the first place, there is what could be called a homogeneous spending limit, which amounts to 136,779 million. It is 7.2% more than the spending limit approved for 2020. This increase is due to higher items to cover the Minimum Vital Income, increase dependent items, strengthen education or contributions to the European Union. This spending limit does allow comparison with the previous one.

However, several elements must be added that are not equivalent in previous years. This is the case of the extraordinary transfer of 31,882 million to absorb half of the regional deficit and part of the Social Security reference. This item raises the spending ceiling to 168,661 million euros.

In addition, a part of the European funds must be included. Thus, the Minister of Finance recalled that the European Council approved the mobilization of 750,000 million euros, which will be articulated mainly through a Recovery Fund. Specifically, Spain is accounted for 59,168 million from the Recovery and Resilience Mechanism and another 12,436 million from the REACT-EU Program.

The Recovery Plan that Spain will present to the European institutions will collect 25,000 million transfers from the Recovery Mechanism in 2021, which are incorporated into the spending ceiling. In addition, as reported in the Fiscal and Financial Policy Council held yesterday, most of the 12,436 million of the REACT-EU program will go to the Autonomous Communities, although there will be 2,436 million that will be incorporated into the Ministry of Health to later distribute it between territories for the acquisition of vaccines, reinforcing primary care or renewing health supplies.

Therefore, the 2021 spending ceiling will incorporate a total of 27,436 million from European funds, which raises the non-financial spending limit to 196,097 million. Minister Montero has indicated that European funds increase the spending ceiling, but have no impact on the public deficit since they are recognized as income.

With this unprecedented amount of resources, the Government will prepare expansive General Budgets that will make it possible to protect families with a strengthening of the Welfare State and help companies by reactivating the economy.

The Minister of Finance once again invited all political formations to make their contributions to a Budget that, she said, she wants to go ahead with the maximum possible support.

Debt forecasts

Regarding the public debt objectives, the Government expects that at the end of this year it will be around 118% of GDP as a result of the fiscal effort made to mitigate the health, economic and social effects of the crisis and the impact of automatic stabilizers. No additional debt issues will be necessary for this year over those already planned.

Economic situation report

Likewise, the Government has analyzed the report on the situation of the Spanish economy, which reviews the macroeconomic scenario incorporating the latest published data, in an environment that continues to be highly uncertain for the preparation of estimates.

Forecasts for 2020 point to a drop in Gross Domestic Product (GDP) of 11.2%, in line with estimates from the OECD, IMF, European Commission and Bank of Spain.

This downward revision with respect to the one carried out in April in the Stability Program is mainly due to the data recorded in the second quarter, weighed down by the weakness of domestic consumption and investment, as a result of the measures to reduce mobility in the hibernation period of the economy.

In the case of the third quarter, growth is expected to be over 10%, above what was forecast in April.

For 2021, a 7.2% recovery is estimated, not counting the additional effects provided by the Recovery, Transformation and Resilience Plan. The unemployment rate would stand at 16.9%, two tenths better than estimated.

These figures do not include the effects of the aforementioned plan, which may boost growth in 2021 by more than two additional points, reaching 9.8%, as a result of greater dynamism in investment, private consumption, exports and employment. This would allow the unemployment rate to drop further to 16.3%.

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Fundación CEOE and Fundación PwC sign an agreement to value corporate foundations before society

Fundación CEOE and Fundación PwC sign an agreement to value corporate foundations before society


The CEOE Foundation and the PwC Foundation have signed an agreement in order to highlight to society the work carried out by corporate foundations set up by companies in Spain and which includes, among other activities, the holding of a joint event annual. The signature has been carried out by Fátima Báñez, president of the CEOE Foundation, and Santiago Barrenechea, president of the PwC Foundation.

The agreement also includes collaboration in favor of the generation of knowledge around corporate foundations, as well as the coordination of activities and programs for this purpose.

Likewise, it is planned to hold work sessions with the group of foundations related to the business associations that make up CEOE, to deepen the reflection on their role in society and optimize their impact on it.

About the PwC Foundation

The PwC Foundation is an entity that seeks to generate trust and solve society's problems through its capabilities. It is a benchmark among its stakeholders for its contribution in solving complex problems in the field of education, employability and support for the Third Sector. Through its programs, the PwC Foundation contributes to analyzing and solving the challenges and opportunities that NGOs and foundations face in their day-to-day lives.

About the CEOE Foundation

The CEOE Foundation is the Foundation of the Spanish Confederation of Business Organizations, which brings together more than 4,500 grassroots business organizations. Its main areas of action are social welfare, access to culture and training for employability. The majority of its activities, plans, projects and programs are focused on them, in line with the 17 Sustainable Development Goals (SDGs) of the United Nations.



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Meeting of CEOE Internacional and the Development Cooperation Council

Meeting of CEOE Internacional and the Development Cooperation Council


José Antonio Alonso, expert of the Development Cooperation Council and president of the capacity and resources working group of its monitoring commission, has held a meeting with representatives of companies and business organizations of the International Relations Commission (CEOE Internacional). The meeting, chaired by Marta Blanco, president of CEOE International, was a great opportunity to learn in detail the results of the report on a new development cooperation system to make the 2030 Agenda a reality, enriched by a subsequent exchange of views.

In March 2019, the monitoring commission of the Cooperation Council agreed to create a working group to study and debate the reforms that are required in the Spanish development cooperation system, with the aim of submitting a report to the Government and to the Congress of Deputies. This initiative was approved by the plenary session of the Cooperation Council, at its meeting on December 11, 2019. On July 8, said report was presented, as well as a Declaration in the plenary session of the Development Cooperation Council in which it is specified that "the content of the document is made known in those forums where it can be useful to feed debate and reflection on the reforms of the Spanish cooperation system."

The initiative is based on the need to adapt the Spanish system to changes in the international environment, with a more ambitious and comprehensive agenda -the 2030 Agenda for Sustainable Development-, the presence of new actors and financial instruments and a broader conception investment modalities required to promote sustainable development.



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CEOE, new member of the Sustainable Finance Platform of the European Commission

CEOE, new member of the Sustainable Finance Platform of the European Commission


The European Commission has published the list of members that will be part of the Sustainable Finance Platform, among which are CEOE. This platform will advise on the development of technical criteria to establish the "Sustainable Finance" taxonomy in the European Union.

CEOE has become part of this platform since it was within the candidacy presented by the European employers' association, BusinessEurope.

The platform is chaired by Nathan Fabian, who was a rapporteur for the Taxonomy in Sustainable Finance (TEG) subgroup of experts, and will be made up of seven European entities and 50 members selected through nominations. The complete list can be consulted here.

The application submitted by BusinessEurope is headed by Alexandre Affre, Deputy Director General for Industrial Affairs of the European employers' association. This candidacy has seven experts in the field, among which is Cristina Rivero, director of the Department of Industry, Energy, Environment and Climate of CEOE.



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Unemployment assessment September 2020 CEOE

Unemployment assessment September 2020 CEOE



Unemployment assessment September 2020 CEOE



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