European Central Bank (ECB) President Mario Draghi, announced on May 2 that the ECB’s key interest rate is to be cut from 0.75 per cent to the historic low of 0.5 per cent. However, this measure "will not be enough to generate growth in Spain," argues El Periódico.

The daily believes that the lower rate is a "necessary stimulus" but complains that it will not “facilitate access to credit for small and medium enterprises," which is vitally important for economic recovery.

The ECB also announced that it would continue to provide unlimited finance for banks until July 2014.