On the website of the Public Treasury Secretariat of the Ministry of Economy you can find the last presentation, in English, of the Kingdom of Spain, December of this year. A compendium of macroeconomic figures and the strategic plan of a country that, reiterates, grows more than its peers, is capable of controlling inflation more than them, is more competitive, with the cheapest electricity prices (tied with Portugal) , the private debt below 50%, with the best banks – the evolution of the stock market serves to attest this – on the continent, with the public debt (108% of the GDP forecast at the end of the year) and the deficit (forecast of 3, 9% on GDP) downward.
A Kingdom that has issued debt to finance itself in the markets for a value of 252,000 million euros in 2023, at an average cost of 2.08%. The increase in interest rates has made the latest issues more expensive to levels ranging from 3.58% for 3-month bills to 3.61% for 10-year bonds. The risk premium (differential with the yield on 10-year German debt) has consolidated below 10%.
A presentation that reflects the 26.1 billion euros distributed by regions and coming from European funds. Up to 600,000 projects benefited. Catalonia and Andalusia, with 4,000 million, have been the communities that benefited the most until November. The three main projects (known as pertes) are semiconductor manufacturing, renewable energy and vehicle electrification).
The hype about Kingdom go on.
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This is the legacy that Carlos Corpus leaves behind. (Badajoz, 1980), brand new Minister of Economy, outstanding disciple of Nadia Calviño, educated at the exquisite London School of Economics. As secretary general of the Treasury and International Financing Corps, a textbook technocrat, he has been the muñidor when negotiating and implementing European aid for Spain assigned during the pandemic. His role, to date, has been discreet, linking between the desires of “what’s mine” to obtain funds and the criticism of those who consider that the arrival of these funds is slow and arbitrary.
Body enters a new dimension. Unlike her predecessor (Calviño was first vice president), His power will be limited to being one of the 21 ministers of one of the largest governments in Europe. and in which it is difficult to understand what responsibilities have who. The economic handle – read balancing budgets – It will be entirely in the hands of the person in charge of the Treasury, María Jesús Montero. Yolanda Díaz will continue to lead social spending and Teresa Ribera will continue to lead the green and energy investment strategy. With the power of the three vice presidents, what role will she have left? Will it be enough to defend the interests and needs of Spain in the EU? Or will it be enough to negotiate the hot potato of the forgiveness of regional debts? At the same time, let its role not be like that of smoking.