Spain Must Maintain Momentum of Reforms, Says Rehn

Vice President of the European Commission (EC) and head of Economic Affairs, Olli Rehn, said this week that Spain “must maintain the momentum” of the reforms undertaken in the economy in order to achieve stability and growth.

In a press conference at the end of the Eurogroup meeting in Brussels, when asked about his opinion on the cases of corruption that have tainted Spanish politics, Rehn stated: “We are following the economic and political developments in Spain.”

“I want to emphasise that there has been important progress made (in Spain) to calm the financial turmoil, thanks to decisions made with regard to fiscal consolidation and after the recent decisions of the European Central Bank (ECB) to purchase bonds in the secondary market,” said Rehn, in relation to the so-called direct monetary transactions (OMT).

According to Diario Sur, the Spanish Economy Minister, Luis de Guindos, said on his arrival at the Eurogroup, that Spain “is a country where institutions function with a transparency which is unmatched.” The Spanish minister made this statement in response to questions about the alleged behaviour of the Vice President of the CEOE, Arturo Fernandez, who is accused of paying salaries in black money to employees of their companies.

De Guindos said, “at a time like this, the exemplary nature of all institutions is vital” and indicated that the Government “will remove all negative behaviours from a fiscal and employment point of view” and reiterated that “in Spain the law works and applies”.