スペインを改革するための絶好の機会！
Opportunity for change for Spain
EDITORIAL
Oportunidad de cambio
Bruselas concede un respiro a Rajoy que se podría aprovechar con planes de recuperación
El País 30 MAY 2013 - 00:00 CET
EDITORIAL
Opportunity for change
Brussels provides a respite Rajoy could be exploited with recovery plans
The Country 30 MAY 2013 - 00:00 CET
The Brussels decision to award two years in Spain to achieve the deficit target in exchange for an acceleration of reforms in the pension system and the labor market should be interpreted as confirmation of two failures involved in a victory that only Time will tell what is its significance. It is a failure that the Commission has taken so long to recognize that policies to cut spending at all costs have a limited run, which alone do not solve the problems and, moreover, much of their short-term success depends on the ability technical and policy of the governments that move from paper to reality. And it is a clear reversal of government failure to implement the objectives committed to Europe, despite statements ensuring stability plans would be fulfilled to the letter.
There has been and can be discussed if this is the ideal executive to apply a drastic adjustment program on the chessboard regional interests and a weak labor structure that generates millions of unemployed in each crisis or recession. But these two failures have led to a reflection possibilistic Brussels. Since it seems impossible that the Spanish economy will rapidly achieve the goal of stability (a deficit of 3% of GDP, significant reduction of debt) is more practical relegate stability quantifiable objectives to the background and bring to showcase structural reform commitments . It is questionable substitute measurable criteria (debt, deficit ...) for other difficult to gauge (how you measure a successful reform?), But such a change in perception should become a budgetary relief and provide some public investment opportunity.
Opportunities that can not be precise because depend (again) of the technical and government policy. For example, to take the initiative against youth unemployment in Europe proposal on Tuesday in Paris. What would be wrong is to maintain an economic policy clearly limits set by Brussels and wait patiently until the recession runs by itself, repeating the refrain that the reforms "will soon result."
Previous Editorials
Growth difficult (04/05/2013)
Brussels warns (11/04/2013)
Word of Brussels (22/02/2013)
The economic team should be aware that the OECD has just upend the economic forecasts in Stability Plan. The organization estimates that this year's gross domestic product will contract 1.7%, the unemployment rate will reach 28%, lower than the deficit just one tenth (6.5% fulfilled either that Brussels has been granted). Rajoy OECD recommends focusing on the revival ("boost growth should be priority number one") and employment, and asks to be maintained "positive steps" taken to increase market activation policies work. In order to reduce mass unemployment, the executive should not misinterpret these messages.
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