Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-104-000"
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"en.20120418.4.3-104-000"2
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"I will leave my philosophical and religious beliefs out of this debate, even though I have to say that in my studies of macro-economics, the books of John Maynard Keynes figured very strongly. They certainly have plenty of lessons for all of us about what went wrong in the 1930s and what we should avoid in the 21st century.
As regards Spain – which was the specific point you made – you are correct when you say that Spain faces formidable challenges, especially concerning youth unemployment following the end of the credit boom and the bursting of the real estate bubble. This adjustment started in the wake of the crisis with a rapid downsizing of the construction sector, a decrease in the external deficit and some improvement in cost competitiveness.
Unfortunately, I cannot agree with you when you say that last year, in Spain, everything was done perfectly, because there was a major fiscal slippage of over 2.5%, from 6 to 8.5%, which, in more numerical, concrete terms, is equivalent to a slippage of around EUR 25 billion. This slippage came mainly from the regional governments.
Therefore it is essential for Spain, as part of its reform efforts, to take concrete action to ensure better sustainability of the autonomous regions’ public finances. I have recommended to the Spanish Government that they start applying the new fiscal stability law on the autonomous regions without any delay, because that is clearly an area which creates uncertainty and reduces the credibility of public finances in Spain."@en1
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