✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Spain says to push for more EU economic powers

Published 04/28/2009, 09:58 AM
Updated 04/28/2009, 10:00 AM

MADRID, April 28 (Reuters) - Spain wants to strengthen the economic powers of the European Union when it takes over the rolling presidency of the 27-member club next January, Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday.

At a joint news conference with French President Nicolas Sarkozy, Zapatero said boosting the EU's powers to tackle economic crises would be a priority during Spain's six months at the helm.

"I agreed with President Sarkozy that if the European Union really wants to be a political union, which works for its citizens, it has to have a much more solid economic government and with tools," Zapatero told journalists in Madrid.

"I can't see a single market, a single currency, then not see an economic government with powers, with tools," he added.

A statement from the prime minister's office said Spain would seek to coordinate stimulus measures and said it was necessary to actively put in place mechanisms to avoid future crises by improving regulation and supervision of financial markets.

Zapatero's spokesman said later that the prime minister was seeking a much more rapid and less bureaucratic system, but he offered no details as to what tools Zapatero sought for the EU.

Zapatero also underlined his support for strong public spending to escape the economic crisis. He fired Pedro Solbes as economy minister earlier this month after they increasingly disagreed on what margin Spain had to spend more to help the economy and reduce unemployment that has now topped 4 million.

"When the financial system is at the edge of collapse, who is it that has to save the financial system? It is the governments with public funds," he said on the second day of Sarkozy's first state visit to Spain. (Reporting by Ben Harding; editing by Stephen Nisbet)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.