Joaquin Almunia, leading Spanish politician and former European Commissioner for Competition, has accused Spain's government of "false optimism".
Speaking to CNBC at the Ambrosetti forum on Saturday, the Spanish opposition politician explained that the ruling People's Party recovery story was not built on strong foundations.
"Part of the positive input for the Spanish growth comes from abroad. Exchange rate, oil price, monetary policy," he said. "There are other elements that are positive, so the reform, the restructuring of part of the banking sector thanks to the European Union, helped of course, and some internal reforms in Spain also helped, but not enough."