Joint Bank of Spain/Banco de Portugal seminar on Iberian economic integration
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The Bank of Spain and Banco de Portugal held a seminar in Lisbon on Iberian economic integration, where they presented the joint Occasional Paper Perspectives on Iberian Economic Integration. Spain and Portugal are highly integrated in goods trade and the electricity market, but much less so in services.
Key points
- Wholesale electricity prices coincide in 95% of hours, among the highest shares in the EU.
- Implicit barriers are equivalent to tariffs of around 20% in manufacturing and over 100% in services.
- Halving them would bring sizeable trade and GDP gains for both countries.
Who is affected
Firms operating in Spain and Portugal, and economic policymakers.
Plain-language version
The central banks of Spain and Portugal presented a study in Lisbon on how closely their economies are linked. They are well connected in goods and electricity: wholesale power prices match 95% of the time. But in services, barriers act like tariffs of more than 100%.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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