«We will take measures within a reasonable budgetary framework until the elections»

«We will take measures within a reasonable budgetary framework until the elections»

The Secretary of State for the Economy defends the creation of the Macroprudential Authority to avoid future crises in the face of the "inaction" of its predecessor

  After eight months as 'number two' in the Ministry of Economy, Ana de la Cueva feels satisfied with the "impulse" given by the department led by Nadia Calviño in matters that were stagnant with the previous government. The last one has been the start-up of a Macroprudential Authority, which already exists in half Europe, to avoid future economic crises.

-What is sought with the new Macroprudential Authority? -To reinforce coordination among financial supervisors and improve the instruments to act if they detect situations that put the sector at risk. The crisis showed that there was not enough coordination.

  -Why has he been so late? - Before there was a Financial Stability Board that was stopped convened in 2013. And then the banking sector was not so that the supervisors stopped meeting. It is not very reasonable. With our arrival in the Government relations were recovered and in less than three months, Bank of Spain, CNMV and the ministry we have agreed to agree this system.

- What do you attribute this situation to the previous economic team? -It is inefficient and a sign that things did not work as they should. The interest of the country is that institutions relate to each other on a daily basis. But I think that the relations of the previous Executive and the institutions were complicated.

-Spain is facing another crisis? -I don `t believe. The data is very clear: when a country grows to 2.5% as in 2018, it does so at very strong rates. All the institutions foresee that we will grow at 2.2% this year, well above the EU. It is very reasonable, because it is accompanied by job creation rates of 3% and a reduction in unemployment of 6%.

-How has the economy begun in these two months? -The data is positive, in line with what was expected and without surprises. The consumption and investment indicators are in line with expectations and the creation of employment as well.

-The Congress has held the Bank of Spain and the CNMV responsible for a good part of the crisis. It is right? -It is not up to me to judge those conclusions. If there had been a joint work, a supervision like the one we are creating now, the situation would have been different. As a government, what corresponds to us is not to be on the margin of what happens with the supervisors but to have mechanisms to control and prevent these situations.

-The opposition of PP and Citizens criticizes their economic policy because they insist that it leads to a new period of recession. -It would be good if we had opinions with data. When we arrived at the Government, the international financial institutions estimated a deficit of 2.7% and we ended up there. The measures we have taken have been made within the budgetary framework, prioritizing social items and fighting against inequality. The expense is exactly the same as planned. It is surprising that the leaders of budgetary control did not vote in favor of the project that included structural adjustment for the first time in ten years.

-To what extent does the lack of budget for this exercise influence? Because in the years where they were extended, the GDP went up even more. -It would have been better to have a budget because it addressed issues of inequality, innovation and social issues and, at the same time, did an exercise of structural adjustment in the part of taxes that involved the reduction of the deficit. We understand the policy in active terms. The governments are not going to be dragging budgets of previous years.

- Could the economy have gone better with a budget? - Clearly, because it would address the structural problems we have. The European Commission and international organizations agree on the need to take structural measures that were in those public accounts. Now that the situation is positive, it is time to do it, because we must continue to reduce the debt and adjust the deficit.

-Without new public accounts, what action can the Council of Ministers take these weeks until the elections? -The Government is in the Government until the end. It is not a different period. What are being analyzed are different measures of adjustments that are within the reasonable budgetary framework and do not involve a radical change.

-That economic future also depends on the types of the ECB. -A waiting for what you decide, we have anticipated. The Treasury has been making longer-term issues for months and they are being received very well by investors. One of the great successes of this legislature is to convey certainty to the markets that Spain is a solid and solvent country.

- Will Bankia be privatized? -We must maximize the return for taxpayers. And the current situation of the action does not reflect the value of the company. From the financial point of view it is better not to precipitate it, there is no need.

-What was the situation they found? Was there sloppiness? -Our obligation is to talk and agree. In the case of the approval of the basic bank accounts, the decision had to be made to put that reasonable price, which in the end was three euros, maximum. Promoting that means deciding how many operations are included (in the end, 120) to make it reasonable, analyze it with the Bank of Spain or see that the banks are not happy because it seems an excessive number. But governing is making decisions and taking criticism.

Ana de la Cueva recalls in the last eight months, Economía has transposed seven of the 14 pending European directives; has removed Spain from the EU's excessive deficit procedure; and issues of social cohesion have been addressed. He believes that "the inactivity of the previous Government was enormous", that "there was a lack of decision-making" and that the previous team gave "priority to other issues" outside the economy.