Anticipating a Growing Slowdown

It is this sense, urged caution and "major dose of caution" when assessing the data become known because they may not have noticed the "more severe" crisis in some areas, but concluded that Spain should receive "positively and with optimism:" Signs of recovery in the outside because the improvement of international environment provide "no doubt" national recovery.

Indeed, in statements to the media and asked about the forecast he made public on Thursday the Bank of Spain, pointing to a quarterly decline of 0.4% between July and September and an annual fall of 4.1%, Campa said who are "perfectly in line with
government estimates, anticipating a growing slowdown in GDP contraction will result in positive growth in the second half of next year.

On the other hand, stressed the importance of each country taking into account their special characteristics when designing exit strategies because the crisis has affected so "indiscriminate" everyone. In fact, he considered that this is "especially significant" if one considers that recovery is highly dependent on economic incentives, so it will have to be "very careful" to remove them. "Still not right," he added.

In the same vein, Secretary of State opted for strategies "credible" medium-term consolidation of public accounts to meet the "bulging deficits" that generated the crisis in most countries. In the case of Spain, said the budgets are part of this strategy, since they are "clearly countercyclical," keep the drives where necessary, ensure full operation of automatic stabilizers, reflects the efforts to redirect the economic model and feel the basis for rebalancing public accounts.