Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure ES-2022-20/2250 – Updated – measures in Spain
|Country||Spain , applies nationwide|
|Time period||Temporary, 10 May 2022 – 31 December 2023|
|Context||War in Ukraine|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Access to finance
|Author||Jessica Durán (IKEI) and Eurofound|
|Measure added||12 May 2022 (updated 06 July 2023)|
The war in Ukraine has increased economic and political uncertainty, and has led to higher commodity prices. The substantial increase in electricity and gas prices may jeopardise the coverage of companies' liquidity needs and put pressure on the cost and price structure of the economy.
This measure intends to lower energy prices, support the most affected sectors and the most vulnerable groups, and reinforce price stability. The aim is to limit the economic and social costs of this temporary distortion in gas prices and to facilitate the adaptation of the Spanish economy.
This support is additional to other existing support measures within Royal Decree-Law 6/2022 (also described in this database), such as:
The Royal Decree-Law 6/2022 (which approves the "National Plan of response to the economic and social consequences of the war in Ukraine") includes a new line of credit guarantees from the Official Credit Institute (ICO) for €10 billion. This budget covers liquidity needs of companies and the self-employed. The Ministry of Economic Affairs guarantees the financing granted by supervised and eligible financial institutions. The guarantees are managed through the Official Credit Institute (ICO). The guaranteed credits may be requested until 31 December 2022, and will have a grace period of 12 months.
The applicable conditions and requirements are established by agreement of the Council of Ministers. Specifically, on 10 May 2022, the terms and conditions of the first tranche of the line of guarantees for financing of €5 billion were published. For guaranteed amounts of up to €400,000, the guarantee covers up to 80% for up to 10 years. For loans of more than €400,000, 80% of the new financing will be guaranteed for the self-employed and SMEs, and up to 70% for other companies, with a repayment period of up to 8 years.
There are no estimated number of users. All Spanish companies and self-employed can benefit from this measure.
||Applies to all businesses||Does not apply to citizens|
Company / Companies
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Consultation through tripartite or bipartite social dialogue bodies||Consultation through tripartite or bipartite social dialogue bodies|
Social partners' role in the implementation, monitoring and assessment phase:
As stated in the background section, this measure is part of the "National Response Plan to the economic and social consequences of the war in Ukraine" and social partners were involved.
In order to reach a consensus with all interest groups on the "National Response Plan to the economic and social consequences of the war in Ukraine" (Royal Decree-Law 6/2022 of 19 July), the government held a round of contacts with parliamentary groups, social agents, and the autonomous communities (regional governments).
On 21 March 2022, the meeting of the "Social Dialogue Table" was held, following on from the meeting held on 7 March with the President of the Government. The representatives of workers and employers had the opportunity to share their proposals for dealing with the economic impact of the war. On the employers' side, the president of the CEOE, Antonio Garamendi, and the president of CEPYME, Gerardo Cuevas, attended; and on the workers' side, the secretary general of UGT, Pepe Álvarez, and the secretary general of CCOO, Unai Sordo.
There are no views from social partners on this measure. Concerning the "National Response Plan to the economic and social consequences of the war in Ukraine" as a whole, the unions looked at the huge profits of electricity companies as one of the points to act on.
From the employers' side, Garamendi (President of CEOE) warned about the temptation for companies to contain dividends, as they can generate mistrust and discourage investment. The president of the employers' association expressed his support for the decisions taken by the European Union and the government since the war began, but called for action to be taken quickly to avoid greater consequences
Eurofound (2022), New line of €10 billion in credit guarantees for liquidity needs in companies, measure ES-2022-20/2250 (measures in Spain), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/ES-2022-20_2250.html
30 January 2023
Governments across the EU continue to implement policies to support citizens and businesses in the face of rising food and energy prices caused by the COVID-19 crisis and intensified by the war in Ukraine. This article summarises the policy responses as reported in Eurofound's EU PolicyWatch database from January to September 2022.Article
12 September 2022
Although the worldwide pandemic situation had already disrupted supply chains and triggered increases in energy and food prices in 2021, the situation deteriorated in 2022 with the Russian invasion of Ukraine.Article
12 September 2022
This article summarises the first policy responses that governments across the EU have started to implement to support companies affected by the rising prices, and those with commercial ties to Ukraine, Russia or Belarus.Article
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.