Bank of Spain advocates sharing cost of war between EU countries

Governor Bank of SpainPablo Hernández de Cos argued this Wednesday “a common tax response” for the European Union countries war in ukraineIt includes the “mutualization of public expenditures”.

As he appeared before the Congressional Economic Affairs Committee, Hernandez de Kos He pointed out that the war would increase public spending. and that these ailments “could be more adequately addressed through strengthening coordination among European countries”.

In his speech, the Governor reviewed some of the challenges facing the Spanish economy that are “enormous in scope” and therefore require a “decisive” economic policy and “great political and social consensus”.

Thus, Hernández de Cos analyze the effects labor reform from different perspectives, including the professional development of employees in temporary employment agencies, the impact of turnover on human capital, or the evolution of unemployment.

It also demanded to monitor the operation of the new RED mechanism in the reallocation of resources, particularly between companies and industries, and to provide a comprehensive strategy for recycling the skills of employees throughout their working life.

another difficulty housing access In this sense, he insisted that rent control could have an “adverse effect” and advocated monitoring the housing market in the face of the impact of inflation on the economic capacity and financial conditions of families.

The governor insisted that a fiscal consolidation plan should be implemented after the epidemic and war ended, as the current level of public debt is a “source of vulnerability.”

He warned that the debt ratio will continue to rise unless an “ambitious fiscal adjustment plan” is implemented. For example, if the structural balance is reduced by 0.5 percentage points of gross domestic product (GDP) each year, debt could be reduced to 82% of GDP in 2040.

Source: Informacion


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