IESET.
Drift overview·ESP

Spain

net market drift15 movements coded · 19772021·final composite drift: -13.0
tone legendleft / state-expansionright / marketcentrist / mixedauthoritarian

Composite statist-drift trajectory with movements

fiscal axes — what moved and which way

sectoral subsidyspending leveltax capitaltax corporatetax progressivitytransfer expansion

regulatory axes — what moved and which way

environmental stringencyfinancial deregulationimmigration opennesslabour market flexibilityproduct market competitionsectoral licensingtrade openness

monetary axes — what moved and which way

central bank independencemonetary expansion direction

institutional axes — what moved and which way

rule of law

Movement timeline (15)

YearMovement
1977–1985Spain democratic transition economic reforms
spain_transition_economic_reforms_1977_1985
1982–1989González PSOE first and second governments (Spain): industrial reconversion, EEC entry, modernisation
spain_gonzalez_psoe_first_1982_1989
1986–1993EU Single Market programme (1992 Project)
eu_single_market_1993
1989–1996González PSOE third/fourth terms: Olympics-Expo peak, convergence, Felipismo decline
spain_gonzalez_psoe_later_1989_1996
1992–1999Maastricht Treaty convergence criteria + monetary union preparation
maastricht_convergence_criteria_1992
1996–2004Aznar PP first and second terms (combined)
spain_aznar_pp_1996_2004
2004–2008Zapatero PSOE first term: social-liberal progressivism
spain_zapatero_psoe_first_2004_2008
2007EU REACH chemicals regulation and ECHA architecture
eu_reach_chemicals_2007
2008–2011Zapatero II PSOE GFC-and-reversal government 2008-2011
spain_zapatero_ii_psoe_2008_2011
2011–2015Rajoy I PP absolute-majority austerity and banking-bailout government 2011-2015
spain_rajoy_pp_first_2011_2015
2016EU General Data Protection Regulation and data-protection regulatory stack
eu_gdpr_regulatory_stack_2018
2016–2018Rajoy II PP minority government (Catalan crisis) 2016-2018
spain_rajoy_pp_second_2016_2018
2018Sánchez-era PSOE-led progressive governance (Spain)
spain_sanchez_2018_present
2019EU Green Deal + Fit for 55 climate regulatory stack
eu_green_deal_2020
2021EU Corporate Sustainability Reporting Directive and due-diligence stack
eu_csrd_sustainability_reporting_2023