Video: ATLAS
The finance ministers of the eurozone have demanded Monday the Spanish government to implement, in an election year, “effective measures” to ensure that the deficit does not deviate from target set by Brussels 2015 (4.2% of GDP). According to forecasts by the European Commission, Spain close next year with a lag of 4.6% in its public accounts. The Eurogroup and softens the demands expressed by the Commissioner for Economic Affairs, Pierre Moscovici, last week – “the effort of Spain is insufficient, we must carry out structural reforms” – and urges the Government of Rajoy to deepen settings if measures “are not as effective as expected”. The Eurogroup also welcomed the “ambitious agenda” of reforms undertaken by Spain and encouraged to Madrid to continue in their application.
The Economy Minister Luis de Guindos, reiterated at the end of the meeting the “absolute commitment” to compliance with the deficit targets set for the next year and he remarked that the Spanish government is convinced that the measures already taken are “sufficient” to “comply fully” with the goal of the EU. “We are more optimistic” that the European Commission with the expected growth for next year, added Guindos to explain differences in the estimates of deficit. Moscovici has also pointed out that the disparity between the numbers predicted by the EU and Spain “is not abnormal” given the oscillation between Brussels growth forecast -1.7% – and Madrid -2% -. “The European Commission has been cautious,” stressed the former Minister of Economy French.
As happened with the diagnosis issued last week by the European Commission, the opinion of the Eurogroup on Spain has been much more benevolent that coined on the two economies of most concern today in Brussels for its size and its weak performance: France and Italy. In both cases, the finance ministers of the eurozone suspicious of his deficit reduction plan and require more ambitious measures to prevent diversion of the path traced by the EU. In the case of France, the Eurogroup notes that the fiscal effort should reach 0.8% in 2015, half a point more than expected in Paris and reiterates the need for “additional measures”. About Italy, the outcome document agreed Monday recognizes that “adverse” economic circumstances and weak prices complicate deficit reduction agreed but stressed that public debt, which closed 2014 above 132% – still a ” concern “and calls his government a greater effort.
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