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Spain to improve public finance: Paramo
MADRID : Spain must continue to improve its public finances in order to ward off the threat of contagion from a euro z
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MADRID: Spain must continue to improve its public finances in order to ward off the threat of contagion from a euro zone debt crisis, said European Central Bank Executive Board Member Jose Manuel Gonzalez-Paramo on Friday.
Speaking at an event in the Spanish capital he said that all the changes being made to the banking sector were helpful but were not enough to see a sustained and substantial improvement in the labour market and productivity.
"For that it is essential to continue improving public finances, to also reduce the contagion effects of the sovereign debt crisis on the banking sector," he said.
Copyright Reuters, 2011
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