Spain’s new CNMV board, headed up by Sebastián Albella, has embarked on a big reform drive, implementing a whole range of initiatives, to make the Spanish financial market more trustworthy.
The gathering of endorsement signatures by candidates ahead of the leadership contest of the Spanish Socialist Party (PSOE) is not usually seen as overly significant. The numbers are a vague indicator, no more, of the support a particular candidate can expect in the final vote by party activists. But this time, ahead of the PSOE’s May 21 primary, it’s different.
Spain needs to make a definite decision to bet on changing its productivity model which guarantees sustained growth and prosperity for the population. To do this, it also needs to make a clear bet on research and science.
Spain’s Nuclear Security Council’s decision in February to allow the re-opening of the nuclear power plant in Garoña for another 20 years has demonstrated that nuclear energy doesn’t just spark doubts amongst ecologists, but also amongst the electricity companies themselves.
Reforms in Spain’s education system are key to guaranteeing future economic growth. But having a better educated population would also help to fight against rising inequality and poverty.
The startups in Google’s Campus Madrid have created 2.354 jobs and raised over 37.5 million euros in financing since it began in 2015, according to the company’s annual report on this project. Google points out that the contribution from Madrid to the total jobs created by all the Campuses “is relevant”, given that as a whole, the six centres across the world have created over 11,000 jobs.
Judging by the latest valuations which have appeared in the press, the balance of the first five years of Spain’s bad bank, Sareb, is little less than disastrous. But the bank’s performance has been praised by Brussels and by Germany, who have said it has completed its objective of stabilising the Spanish financial system.
Spain’s 2017 budget leaves little room for manoeuvre. It represents exactly 39%, the percentage the state can freely make decisions on what do with from what it raises and borrows. It shows that, despite the fact the economy is doing well, we have a lot of problems.
Spanish banks registered net profit of 7.987 billion euros in 2016, 23.1% less than a year earlier, according to data provided on Thursday by the Spanish Banking Association. These results were affected by special temporary and specific factors in 2016, without which earnings would have been 12% higher than in 2015.
Whatever you think of Mariano Rajoy, you can’t deny his ability to dig in. When in opposition, as leader of the conservative Popular Party (PP), he survived two general election losses, as well as thwarting mutinies within his own ranks; as prime minister since 2011 he has ridden through economic near-meltdown, the threat of new parties Podemos and Ciudadanos and a torrent of corruption scandals.