De Guindos calls “self-criticism” in the economic policy of the EU … – 20minutos.es

De Guindos calls "self-criticism" in the economic policy of the EU … – 20minutos.es

The Economy Minister Luis de Guindos, has called on Saturday for “self-criticism” in the economic policy of the EU because growth is “very small” and has committed to implement the investment plan announced by President-designate of the Commission, Jean-Claude Juncker and accelerate structural reforms .

I think it makes us suggest that all “I think self-criticism is always good ” Guindos said after participating in the informal Ecofin Milan. “In Europe, the euro area, there is a situation of economic growth very low I think we need to do all thinking “, he highlighted.

“This does not mean that every last strategy has been wrong . Which means is that have to improve and we have to laying the foundations for the economic policy strategy to focus on the future economic growth and job creation. “

In his opinion, is behind the stage where the main risk to financial stability and growth were “unbalanced situations from a tax point of view and from the point of view of competitiveness “. “From this point of view, we have to lay the foundations for a New Strategy of economic policy,” he argued.

Economic impact of sanctions on Russia

At the ECOFIN meeting in Milan, Eastern countries have also warned that are beginning to feel the economic impact of sanctions from the EU to Russia for its intervention in Ukraine and announced that posed increase military spending , as explained Guindos.

Russia Sanctions will have to increase the budget for military use “The sanctions on Russia, the trade restrictions , changing expectations, are already having a impact in its growth prospects and also (have said) that they will have to increase the budget intended for military use, “explained the Minister of Economy.

To address this situation, Guindos has justified the need for the investment plan 300,000 million euros Juncker promoted because “the volume of investments in Europe is below the average of other important areas the world.” “The low investment is one of the main reasons why we have not yet recovered wealth levels we had before the crisis,” he alleged.

however, has made it clear that “there is a stimulus plan traditional demand in the simplest sense Keynesian” but these investments “have to produce a Return ” . So the plan “must be linked to the completion of internal market ” in areas such as energy, transport and digital Europe.

“Sometimes it’s easier to stay with overall figure investment but much more important is the content of that plan, “he noted.

Spain accelerate reforms

Guindos has chosen accelerate reforms , which as highlighted also calls for the European Central Bank (ECB) “not only as an instrument to increase the job creation and economic growth in the medium and long term, but because short-term improvement transmission channels of monetary impulses as it is becoming clear in the case of Spain. “

” There are many pending reforms in Spain and the Government has the commitment and the will to accelerate them in the coming months, “stressed the Minister of Economy. Next, coming to Cabinet in late September, is the Financial Law . It “regulates everything that has to do with the crowdfunding , which has to do with alternative financing instruments, with funding to SMEs.”

In the next few weeks further approve the audit law and the new rules of resolution.

The Finance Ministers of the EU have also reviewed the progress of the review of assets and stress tests for banks, whose results will be published within a month. Guindos said that “the Spanish banking is well prepared to deal with these two exercises are very important because they have doubts about the situation of the banks.” “I am convinced that the Spanish banks will pass with flying colors both years,” he insisted.