topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 3083.51 0.32
DAX 9605.08 0.17
IBEX 30 10058.5 -1.04
CAC 40 4387.61 -0.20
FTSE 100 6806.86 -0.05
AEX 397.5 -0.20
DJIA 16272.65 0.46
Nasdaq 4318.933 0.63
FTSE MIB 20298.33 -0.11
TSX Composite 14214.35 0.18
ASX 5415.4 -0.10
Hang seng 22836.96 0.04
Straits Times 3110.78 0.45
ISEQ 20 836.3 0.23
EUR / USD 1.37976 0.67
EUR / GBP 0.82571 0.59
USD / GBP 0.598544 -0.10
Gold 1329.6 -0.13
Oil 108.9 -0.76
Silver 21.28 0.08
You are here: Home News Spanish News EU needs 'competitiveness pact': Zapatero
Enlarge font Decrease font Text size


02/02/2011EU needs 'competitiveness pact': Zapatero

Spain's prime minister Wednesday called for a European "competitiveness pact", saying this was more important than debating whether to increase the size or scope of the EU's bailout fund.

Ahead of a meeting with German Chancellor Angela Merkel in Madrid on Thursday, Jose Luis Rodriguez Zapatero said: "Before we deal with the fund, we need to lay the grounds for a competitiveness pact."

Such a deal would seek to make the whole eurozone economy more competitive in the global market.

"The mere fact the project has been floated and that big countries Germany, France, Spain and Italy are fully behind it, will create more market confidence than this whole debate over the size or flexibility of the rescue fund.

"I will speak to Angela Merkel about this on Thursday," he told several German newspapers on the eve of a joint meeting of the two governments he described as "perhaps the most important for years."

He appealed to Germany to "not play in defence but to play centre forward" in pushing forward the reforms seen as necessary to pull the eurozone out of a crippling debt crisis.

"There are three main countries at the moment: Germany, France and Spain. Spain is doing its homework, so France and Germany must push forward with a better economic union," business daily Handelsblatt quoted him as saying.

As the euro has a single monetary policy, set by the European Central Bank, the time has come to converge other areas of economic policy, Zapatero insisted, beginning with competitiveness.

And he reiterated that Spain was not in need of a bailout itself, despite falling prey to the debt crisis raging around the 17-country zone's periphery.

"We believe we can finance ourselves," said the prime minister.

On Friday, European leaders will gather in Brussels for a key meeting to discuss the EU's bailout mechanisms, but Berlin wants to broaden the agenda to include discussions about a deeper harmonisation of economic policies.



© 2011 AFP


0 reactions to this article

0 reactions to this article

Discussion Forums

Travel & Transport in Spain

Quality Real And Fake Passports,Driver’s License,ID Cards,

Community Noticeboard Spain

Quality Real And Fake Passports,Driver’s License,ID Cards,

English in Spain

Any other British Mums in Madrid?

English in Spain

Buy fake passports,driver's licenses,identity cards, visas

Business and Personal Finance in Spain

End of Week Currency Roundup

participate in the forums

 
 
 
 
 
Inside Expatica
Editor's Guide: Getting Started in Spain

Editor's Guide: Getting Started in Spain

Expatica's Getting Started section will provide practical information on how you can open a bank account, exchange your driving licence, improve your Spanish, and more.

Groups and Clubs in Madrid

Groups and Clubs in Madrid

Here's a guide to an extensive list of groups and clubs in Madrid for expats, from sports groups to social and family gatherings.

Groups and Clubs around Spain

Groups and Clubs around Spain

A brief introduction to our Tax section for Spain, from help with inheritance tax to accounting advice.

Groups and Clubs in Barcelona

Groups and Clubs in Barcelona

Here's a short introduction to our Banking section for those living in Spain, from what to ask the experts to opening a Spanish bank account.