Calviño argues that the second wave has less economic impact

The Third Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño

The Third Vice President and Minister of Economic Affairs, Nadia Calviño, said this Saturday that the second wave of Covid-19 in Spain is having a “lower” economic impact than the first, by all estimates, and has defended prioritizing actions to prevent outbreaks from causing structural damage to the economy.

By telematically closing the XXV Meeting of the Economy of S’Agaró, he stressed that in recent months “the Spanish economy has continued to grow and create jobs“–with maintenance of Social Security affiliations in October and November – despite the rebound in infections in the summer.” That shows the enormous strength of the Spanish economy and its resilience that it has shown in all the previous crises, “despite the health and geostrategic uncertainties, he assured.

In addition, he highlighted that in the last two weeks the risks identified in the macroeconomic table of the General State Budgets (PGE) have been reduced, especially after the announcement of Pfizer’s Covid-19 vaccine.

European funds: “Spend it all and well”

Calviño has stated that European funds are a “unique opportunity” to promote a ambitious reform package with which to finance the driving recovery policies, and has valued the message of solidarity that the European Union (EU) has launched with this program, according to her.

He assured that “Spain is probably the most advanced country in the recovery plan” based on European funds, and that the Government works with the autonomous communities and the private sector to design the recovery plan while negotiating with Brussels on its regulation.

What comes from those funds “you have to spend it all and spend it well“–he said -, for which the Government will soon convene a sectoral conference with the autonomies and prepares a decree law that it plans to approve at the end of the year to facilitate its execution.

This decree-law will seek to speed up the execution of public investment from the diversity of financed projects and to accommodate new formulas for public-private cooperation in the most effective way for an “unprecedented” program.

PGE and debt

In this sense, he has argued that the PGE project incorporates a “unprecedented volume of public investment, with projects that will focus on mobilizing private investment, together with items aimed at strengthening the welfare state and protecting vulnerable groups.

And it has warned of the importance of investing these resources in reforms that take advantage of future generations, so that the debt does not become a “burden” for them and is distributed with intergenerational justice, in his words.

“You have to be very realistic, be prudent, act with serenity and rigor to face such difficult and exceptional situations as the ones we have been experiencing since spring, “he said, and asked to address it by minimizing future risks, controlling outbreaks and supporting companies, workers and families.


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