Some market observers believe that Europe’s recovery is still in its early stages and looks durable, pointing to the ongoing decline in the Eurozone’s unemployment rate, which is now at its lowest since 2011, and improvement in consumer confidence, which should buoy earnings growth.

Related: Brexit Opens Opportunity for Europe ETFs

Most European market observers have been critical of European Central Bank President Mario Draghi’s stimulus measures. Specifically, many believe the measures have been too little too late, even after the ECB cut all three key rates this month and expanded quantitative easing.

“The Bank of Spain may provide its own insights into just how much politics is hurting growth when it publishes its economic assessment in the coming days,” according to Bloomberg.

Last year, Standard & Poor’s upgraded the country’s credit rating to BBB+. Spain is the fourth-largest economy in the Eurozone behind Germany, France and Italy.


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