Economic Affairs

Lightly against the rail of the recession. The Spanish economy has to do two quarter of virtual stagnation, with growth of 0.1%, but will prevent a relapse despite the dramatic European fiscal crisis, the deteriorating conditions in financial markets and the global economic slowdown, which will clog the exit from the crisis by way of exports. The Commissioner for Economic Affairs, Olli Rehn, yesterday presented the economic prospects of the eurozone, which coincide with the Spain: the first half of the year was better than expected and that allows to maintain forecasts for the whole of 2011 (0.8% advance for Spain and 1.6% for the eurozone as a whole), despite the slowdown in Europe in the second half. The recipe of austerity that is being implemented across Europe fails to contain the doubts of the debt market and is behind this languid reactivation. But it does not change one iota the dictates of Brussels, which is more like the diktat of Berlin: It would be counterproductive to a fiscal stimulus now. Countries that have needed to attend the programme of the EU and those who posted an excessive deficit are facing the pressures of the market and should go ahead with the plan of fiscal consolidation to refer to cuts European jargon. Source of the news:: Brussels maintains its forecast for Spain despite the stalemate

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