Nadia Calviño defended this Tuesday that Spain is the most advanced European country in the deployment of Next Generation recovery funds, which "give us an absolutely essential safety net to maintain a strong rate of investment, and investment is future". This was stated by the First Vice President and Minister of Economic Affairs during her speech at the closing ceremony of the XIII Financial Meeting organized by EXPANSIÓN and KPMG, with the collaboration of Microsoft and American Express.
Calviño, who has admitted that "we are in a difficult time, but Spain is resisting well", alluding to the aftermath of the pandemic and now to the shock caused by the war in Ukraine, has assured that the European funds have already had an impact "very significant" on the Spanish economy in 2021 and in the elapsed months of 2022 through the investments that are materializing, although the Executive's estimate is that "the maximum impact of European funds will be reached in 2023-2025 reaching an average increase of Spain's GDP of 2.6 points in the period 2021-2031".
The economic vice president has stressed that in "this first phase of the plan, investments have reached cruising speed", with a rate of calls "of around 2,000 million per month by the State or by the autonomous communities", making that "the unprecedented reformist impulse that we have launched is already reaching its final phase".
During his speech at the big event for the financial sector, Calviño recalled that the Government has already approved the eleven Strategic Projects for Economic Recovery and Transformation (Perte), initiatives that seek to have a driving effect on economic activity and growth and that According to the vice president, "they are already having an impact on the ground; they are also mobilizing an unprecedented volume of investment."
In this sense, he has mentioned "emblematic" and far-reaching announcements such as that of Volkswagen, which has accepted the aid corresponding to the Part of the Electric and Connected Vehicle and will invest 10,000 million in Spain, or the agreement with the Danish giant Maersk, which will invest 10,000 million in our country to produce green methanol.
The vice president recalled that she recently held a first meeting with the Spanish microelectronics and semiconductors ecosystem within the framework of the Perte Chip, endowed with 12,250 million public investment, in which she announced that the first call for aid will be held in the first half of 2023 .
Nadia Calviño, who has reviewed the main issues affecting the Spanish economy, has acknowledged that "the main challenge for the Spanish economy is inflation", although she has valued the moderation trend that began months ago and that They have brought the CPI to 6.8% in November, far from the 10.8% reached in July, thanks to measures such as the Iberian exception, which have made it possible to lower the electricity bill and alleviate energy costs. According to the head of Economic Affairs, these measures have allowed Spain to begin "this path of lowering inflation before the countries around us".
The first vice president has defended the solidity of the Spanish economy despite the difficulties and the environment of uncertainty, highlighting the good state of health of the labor market, with affiliation to Social Security "at record levels", and the impulse of the foreign sector , factors that contribute to Spain continuing "on a path of strong and sustained growth".
Calviño has highlighted the fact that, in the face of the shock of the pandemic and the war, "we are managing to avoid a global financial crisis", and has highlighted the measures adopted by the Executive in the financial field, including the agreement with banks and the code of good practices to "protect the most vulnerable families due to the rapid rise in mortgages". In this context, he stressed that the situation of the Spanish mortgage market today is very different and "much more solid" than in previous crises and has insisted on his message to the financial sector now "it is time to pitch in" in reference to complaints from banks regarding the temporary tax on the sector launched by the Government.