One can imagine the level of expectation that have generated the announcement of this plan among citizens Spanish. One can imagine them also uncertainty about the possibilities of success that can come to have this plan to achieve not only economic recovery but also building their economy and their protection in the future is not so fragile situations like the present. In several articles in which I referred to Spain, for example, early last month, they said what were the main problems being experienced by the Spanish economy. As seen from the measures, they are intended to address all the problems mentioned and some others too. Let's see … Spain has suffered as few countries in the euro area have done, the problem of inflation. Is that its high dependence on energy made him feel fully within the economy, what has happened in recent times with the international price of energy. On the other hand, Spain is suffering from problems of competitiveness, and that is why the present strength of the dollar has been a blow to the Spanish companies.
For this reason, any action designed to improve productivity and business efficiency, is of great value to them. The reforms in the energy field, also entail a benefit to the competitiveness of Spanish companies. And along with reform in the energy sector projects referred to the infrastructure sector, are also of great relevance to bolster the competitiveness and efficiency of the Spanish economy. The importance of the real estate sector in Spain and the housing deficit that has it, make it very worth every project to facilitate access to housing for Spanish families. This, in turn, would help revive one of the most important sectors of the economy such as real estate. Are these measures adequate? The first impression I generate is that of successful reform, Spain help decrease their vulnerability to the international context and the policy ECB's monetary. Spain is facing the challenge to clear all those factors that make its economy vulnerable, and seems to be finding the road. One caveat that must be done about it, is that beyond the auspicious that may become the project of reform, by the time required for execution, can not be expected to reach to have a short-term effect beyond any changes in expectations of the private sector, so it is likely that the Spanish economy will continue moving through the same path that has been doing in the coming months. We will meet again tomorrow, Horacio Pozzo m