Notwithstanding six years of market liberalization, Telefonica continues to reign in the Spanish fixed and mobile markets. The independent regulator, CMT, has implemented a series of measures designed to open up competition in high-growth market segments such as broadband, but more needs to be done to encourage the provision of voice services and competition outside the major urban areas. The three big issues for the Spanish telecoms market in 2005 will be UMTS adoption, competitive issues in the broadband - particularly DSL - market and development of VoIP. This 20-page report takes a comprehensive look at the Spanish market, covering immediate issues facing the market, in the context of the political, economic, regulatory, and competitive environments. It includes fixed communications predictions, mobile communications predictions, vendor relationships, and risk assessment.