The Spanish Economy Minister Luis de Guindos , warned today at the G20 meeting in the Australian city of Cairns, that the Spanish economy is not immune to the slowdown in the eurozone, that they believe has had an impact on both trade flows and expectations.
“The Spanish economy is not completely immune to what happens in Europe,” De Guindos said after a meeting of two days of finance ministers and governors of central banks of the G20, in preparation for the summit of leaders in November in the city of Brisbane.
In this Cairns meeting the growth target was lowered the world economy from 2 to 1.8% above forecasts through 2018, following the cuts economic growth forecasts for this and next year, especially in the euro area and Japan.
In a press conference at the end of the meeting, De Guindos said that the G20 talked generically about the eurozone, without specifically mentioning the alleged pressure against Germany for there to be greater efforts to boost growth in the area euro.
“ is not specified to any particular country, has been expressed that there is slowdown in the euro zone , which is a reality,” De Guindos emphasizing that while Spain has managed to correct their “domestic imbalances,” the main risk facing is “what can happen in the European environment.”
“Much of the future of the Spanish economy and the maintenance recovery in Spain playing in Europe, can not be otherwise, “said the Minister to remember that the Spanish economy grew 0.6% last quarter compared to zero growth of the continent.
In this context, the minister hoped that the measures taken by the European Central Bank, such as the depreciation of the euro has given a boost to Spanish exports , and other measures structural by countries to improve the situation.
He also said that the next September 26 figures upward revision will be revealed , compared to projections last April , the expected growth of the Spanish economy and job creation and the reduction of the high rate of unemployment for this and next year.
The minister also stressed that the potential impact of the situation Catalonia, looking for a sovereigntist consultation, the economy was not discussed within the G20 to insist that “the current sign of the times is clear, it is to share sovereignty.”
Another key issues at the G20 meeting in Cairns was the fight against tax evasion by multinational companies that exploit tax havens and increased exchange of banking information to prevent tax evasion.
So the G20 boarded a seven-point plan of 15 OECD to combat tax evasion, which Spain will begin implementing, like Australia since 2017.
“We are the first countries that will apply . We have reached agreements with Italy, UK, France and Germany to automatic exchange of information, “said De Guindos.
Looking to the summit of Brisbane, are still outstanding issues such as capital requirements to entities that are perceived to have structural absorption losses and affect taxpayers, some technical aspects related to the plan of action of the OECD tax and achieve growth targets, said the Spanish minister.
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