Eurogroup statement:
“We discussed the fiscal situation in Spain. We noted the sizeable overrun in the budget execution of 2011, which requires a larger consolidation effort in 2012. We welcome the commitment of the Spanish government to meet the 2013 deadline for the correction of the excessive deficit, bringing the deficit below 3 per cent of GDP.
We support the Spanish authorities' resolve to adopt the 2012 budget as soon as possible, containing a substantial consolidation effort, which is backed-up with well-specified measures ensuring that this correction is credible and sustainable at all levels of government. The Spanish government expressed its readiness to consider this in the further budgetary process.
We stressed the importance of substantial progress made with structural reforms to boost employment and growth so far, which would need to be complemented with further efforts in the areas of product and service markets.”
Press release
© ECFIN
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