The recent investiture of Pedro Sánchez as prime minister of Spain is raising certain doubts among economic actors which turn on the complexity of the country’s future governability and the major challenges that this poses. In this note we offer our most cool-headed and objective breakdown of what could prove to be the most marked effects on medium term growth in Spain. In doing so, and given this tumultuous maelstrom which we have to navigate once more, as far as is possible we split out what the certainties are from what they are not, the positive elements in the likely scenario, the thorniest challenges which the government faces, and the key considerations which soften the risks that lie in wait.