By Luis Alcaide, in Madrid | In 2011 Spanish exports of goods recorded the highest point after a period of intense growth since 2008. An increase of 16.8% in 2010 has been followed by a positive rate of 15.4% in the last year. The value of exports in 2011 reached the figure of €214.5 billions, which represents a share of 20% of Spain GDP. This share is equivalent to that…
LONDON | The largest European retail bank, the Spanish Banco Santander, announced Friday the appointment of 18 new business managers for its UK branches. Santander UK has pledged to have 500 local business managers based in business communities across Britain by the end of next year. This might be the way to go if British high street entities are to befriend again their customers. Santander’s own research, according to the group, showed…
By Juan Pedro Marín Arrese, in Madrid | The European Commission has developed a masterful command in saying things it does not believe in. The latest growth forecasts stand as an example of this hollow rhetoric. Reading the small print it seems clear the Commission sticks to obviousness in conceding we are stuck in a sharp downturn. When it comes to guessing what might lie on stock for the rest of…
MADRID | Mario Monti explained in an interview to the daily newspaper El Mundo that the Spanish labour reform ‘goes in the direction’ of the one he wishes to implement in his country. The Italian prime minister also comments on the reforms his government has carried out in Italy, such as the pension reform and he praises the Italian people’s ‘mature attitude’ when “it came time to accepting the sacrifices that…
LONDON | The UK’s trade body of financial mutuals AFM is not happy. The organisation this week launched a frontal attack against taxpayer-aided listed banks and their directors’ bonuses. Who could blame them? After all, in the City race, mutual insurers, friendly societies and others have lost most ground: for instance, the sector’s insurance services today represent around 6% of the British market, while their share stood at over 50% just 15…
The letter that the heads of government of twelve EU countries, including Spain’s Mariano Rajoy, sent to Brussels presented an eight point programme to promote economic growth in the European Union. It was addressed to the president of the European Council Herman Van Rompuy and that of the Commission, Jose Manuel Durao Barroso, yet was not signed by either Germany or France, the two main economies of the euro zone…
MADRID | British economist Angus Deaton was chosen Tuesday for the BBVA Foundation Frontiers of Knowledge Award in the category of Economics, Finance and Management in this fourth edition. Mr Deaton is professor at Princeton University (United States), and the jury selected him for “his fundamental contributions to the theory of consumption, savings and the measurement of economic wellbeing. “His research,” the jury added, “applies rigorous methods to important real world…
A working paper by professor José Luis Mechea on possible exit scenarios from the current international economic crisis brings this already known but not fully appreciated picture. Here you are how unit labour costs have evolved since 1999 in a few euro zone countries, France, Greece, Ireland, Italy, Portugal and Spain, in comparison to Germany. Obviously, there must be some link with this other graphic… Yes. Unemployment.
By Luis Martí, in Madrid | In an understandable effort to correct serious original defects, the European Union has decided to adopt the fiscal compact promised in the European Council declaration of last November 9. This now is presented to us as none other than the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, open for member countries to sign after the January 30 summit. For the German Chancellor this…
Three quarters of Europeans see corruption as a major problem at all levels of government, and 8pc of respondents to the latest Eurobarometer survey say that they have been asked or expected to pay a bribe in 2011. Not only corruptions remains a major problem in the European Union but levels are thought to have risen over the last three years. The picture of Europeans’ sentiment regarding abuse is compelling, to…