Events

The Spanish Economy. A General Equilibrium Perspective

José Manuel Campa, Secretary of State for the Economy, and Rafael Doménech, Chief Economist for Spain and Europe at BBVA's Economic Research Department.

The Rafael del Pino Foundation hosted the presentation of the book "The Spanish Economy. A General Equilibrium Perspective". The editors of the book, published by Palgrave Macmillan, are José E. Boscá, Rafael Doménech, Javier Ferri and Juan Varela.

The book analyses the Spanish economy on the basis of the REMS macroeconomic analysis model - promoted by the Rafael del Pino Foundation and the Ministry of Economy and Finance and developed by the team of the Institute of International Economics of the University of Valencia - which allows the study of the consequences of a wide range of economic policy measures, permanent or transitory and realised or expected; in particular, in all matters related to fiscal, trade and employment promotion policies.

The Secretary of State for the Economy, José Manuel Campa, who spoke at the event, said that "[...] the REMS model is an excellent application of innovations in economic science and modelling for the evaluation of public policies, both in the general equilibrium and long-term aspects of the Spanish economy. It is a model that uses the best advances in technology and economic theory; at the same time, it is adapted to the situation of the Spanish economy, making it a very useful tool". In his speech, José Manuel Campa stated: "It is inconceivable that the situation of the Greek economy, which represents 2% of the Eurozone's GDP, is leading all the countries of the European currency to a situation of systemic risk. And it is unjustifiable that, with the best fiscal ratios in the developed world, the Eurozone has the highest average risk premiums in the world.

In relation to the Spanish economic situation, Rafael Doménech, Chief Economist for Spain and Europe at BBVA's Economic Research Department and one of the authors of the book stated that "[...] in the medium and long term, the potential growth of the Spanish economy will oscillate, in the absence of structural reforms, around 1.9%. This figure is not a projection, nor is it inexorable. It can change, precisely, with the adoption of ambitious structural reforms to increase both potential growth and the process of job creation".

The Rafael del Pino Foundation is not responsible for the comments, opinions or statements made by the people who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their sole responsibility. The contents included in the summary of this conference are the result of the debates held at the meeting held for this purpose at the Foundation and are the responsibility of their authors.

The Rafael del Pino Foundation is not responsible for any comments, opinions or statements made by third parties. In this respect, the FRP is not obliged to monitor the views expressed by such third parties who participate in its activities and which are expressed as a result of their inalienable right to freedom of expression and under their own responsibility. The contents included in the summary of this conference are the result of the discussions that took place during the conference organised for this purpose at the Foundation and are the sole responsibility of its authors.