Milan (Europa Press / John Sanhermelando) .- Economy Minister, Luis de Guindos , has eluded this Saturday decide whether the decision of the president of the Eurogroup Jeroen Dijsselbloem , exhausting its mandate until June 2015 complicates coming to office and has said he has “very good relationship” and “utmost respect” for the Dutch. “I am available to what the Prime Minister says,” Guindos said at a press conference after the Ecofin when asked about the confrontation with Holland by the Eurogroup.
In his view, “no nothing substantial has changed in the last days. ” “No I’m going to get into any controversy concerning the presidency of the Eurogroup that the Eurogroup has to play a major and increasingly important role. We are in a time of crossroads in Europe and the Eurogroup is an important institution,” he Economy Minister highlighted. “I have the utmost respect for the first president of the Eurogroup met in this new era, it was Mr Juncker, and also by Mr. Dijsselbloem” and also “the utmost respect for them,” Guindos has said. “We greeted warmly, as we always do, and there has been nothing unusual or exceptional about it,” he stated.
spokeswoman Dijsselbloem reiterated Friday that the Netherlands intends to sell out its mandate at the head of the Eurogroup and does not arise to leave the presidency of the new single resolution mechanism -equivalent banks in crisis as Spaniard FROB and thus clear the way for Guindos. Holland and blocked the latter scenario driving the Spanish government to hasten Guindos the presidency of the Eurogroup. In fact, Spanish government sources on Thursday took for granted that it would Dijsselbloem settlement mechanism and even fixed the date as September 15.
Self-criticism by stagnation
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 appointed President of the Commission, Jean-Claude Juncker and accelerate structural reforms.
“I think the criticism is always good,” Guindos said after participating in the informal Ecofin Milan. “In Europe, the euro area, there is a situation of very low economic growth I think we have to make everyone think,” he highlighted.
“This does not mean the minister continued -HA – any last strategy has been wrong What it means is that we have to improve and we have to put the foundations for the economic policy strategy to focus on 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 of a new strategy of economic policy,” he argued.
Eastern countries want to increase military spending
During the Ecofin meeting in Milan, the Eastern countries have also warned that are beginning to feel the economic impact of EU sanctions on Russia for its intervention in Ukraine and announced that arise increase spending military, as explained Guindos.
“Sanctions Russia, trade restrictions, changes in expectations, are already having an impact on their growth prospects and also (have said) that they will have to increase the budget for military purposes, “said the Minister of Economy.
To address this situation, Guindos has justified the need for the investment plan 300,000 million Juncker promoted because” the volume of investment in Europe is below the average of other important areas. ” “Low investment is one of the fundamental reasons why we have not yet recovered wealth levels we had before the crisis,” he alleged.
however, has made clear that “it is not of a stimulus plan traditional Keynesian demand in the simplest sense, “but these investments” have to produce a return. ” So the plan “must be linked to the completion of the internal market” in areas such as energy, transport and digital Europe.
“Sometimes it is easier to keep the overall number of investment but much more important is the content of that plan, “he noted.
Spain acelarará reforms, including the Finance Act
Guindos has opted to accelerate reforms, which as highlighted also calls for the European Central Bank (ECB) “not only as a means to increase job creation and economic growth in the medium and long term, but short term improvement because the transmission channels monetary impulses as is becoming evident 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 Economy Minister. Next, coming to Cabinet in late September, is the financial law. It “regulates everything that has to do with crowdfunding, which has to do with alternative financing instruments, with funding to SMEs.”
In the next few weeks will also approve the audit law new regulations and resolutions.
The Finance Ministers of the EU have also reviewed the progress of the review of assets and stress test the banks, whose results will be published within a month. Guindos said that “the Spanish banking system 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.
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