By Prof H M Scobie
This quantity offers an in depth evaluation of the functionality of the Spanish financial system within the Nineties, which locations this amazing progress in context and examines Spain's destiny clients of effectively qualifying for eu EMU.
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Extra info for The Spanish Economy in the 1990s
In this way, the opportunity to close the balance between income and public spending must not be lost again as happened in the second half of the 1980s, resulting in negative consequences from which our economy is still suffering. The past experience shows that the cyclic reduction of the deficit is not able on its own to generate a budget balance; that is why discretionary measures which act over the structural component of the deficit must be used. 10 EXTERNAL SECTOR AND EXCHANGE STABILITY One of the basic characteristics of the Spanish economy has been the progressive opening towards the exterior.
In 1995, the difference narrowed between the growth of GDP and the real interest Notes: A positive sign of primary balance means deficit and a negative sign means surplus. The sum of the columns (1) to (3) is equal to the annual increase of the debt rate. (*) The mentioned maintenance factor is the effect of the public debt rate on GDP which is due to the difference between the real interest rate and real increase in the rate of the economy. For stabilising the public debt rate on GDP, it is necessary that the above mentioned maintenance factor is the balance of the primary amount and the net variation of financial assets.
The prime concern of Spanish society is unemployment. Progression towards the final aim of increasing the growth potential of the Spanish economy is the only way to stimulate the creation of jobs and it is seen as a way of making progress in the real convergence process with Europe. If we give our backing to the private initiative that it necessitates, along with the introduction of systems that facilitate the participation of them in the public promotion of investments, it will help to keep investment flowing into our economy, and this will result in job creation and an increase in private consumption.