Breaking Spain News: Economic Government
The Spanish government is intending to launch an Initiative at a summit in EU to be held in Brussels on February 11. This is to revive the sluggish growth of the Spanish economy as quoted by the prime minister Mr. Jose Luis Rodriguez Zapatero. In this initiative, Spain is planning to use its presidency to push for “European Government” on issues concerned to economy with the promise of rewards for members who meet binding targets and the threat of sanctions for those that don’t.
With this initiative, Spain is clearly looking forward to play a leading and decisive role in European Affairs and Spain hopes that the EU can agree on a replacement for the bloc’s long-term growth strategy known as the Lisbon Agenda, which was supposed to make it the world’s most competitive economy by 2010 but never achieved its aims as governments were under no obligation to conform.
Zapatero opined that It is vital to have a new kind of strategy for 2020, to make it more efficient alluding to a new 10 year growth strategy formulated by his team. He wishes to include corrective measures and incentive measures for the states that fall into line. He also mentioned that energy sector and Information technology sector could fall into this category. Spain’s Secretary of State for European Affairs Diego Lopez Garrido said the idea would be to reward countries with EU aid when they meet the binding targets, and to sanction those that do not.
This implies that the EU would have the right to oversee national budgetary priorities in addition to the existing stability pact which imposes limits on public deficits for Euro Zone members. Spain is pushing towards this initiative and there are mixed reactions from the Euro members.
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