http://www.presseurop.eu/en/content/article/1184751-election-nothingPure coincidence or faithful reflection of the world we live in, the two most recent election reversals in Spain, that of 2004 and, predictably, this Sunday the 20th of November, have proceeded in parallel with events (the 2004 Madrid train bombings and the worsening eurozone crisis) that reveal in stark fashion the utter impossibility of separating the national from the international. Today, as in 2004, the security challenges facing the public – of course, at different magnitudes: physical security then, economic security today – are as much beyond as they are within our own borders.
To restore the credibility of Spain internationally and place the country at the forefront of European leadership will, inevitably, mean returning to the path of growth, creating good quality jobs and boosting our productivity: in short, rectifying our past mistakes. But the truth is that the sacrifices resulting from budget cuts and structural reforms can turn out to be useless if they’re not accompanied by far-reaching European decisions.
Markets have discounted reforms at national level
If the polls aren’t mistaken, Spain is about to complete the changes in government in the four countries in the south of Europe that until now have suffered the greatest financial difficulties. The trajectories of each differ greatly: from the intervention in relatively stable Portugal to the constant intervention in permanently unstable Greece, passing through Italy on probation, under a government of technocrats and obliged to show up at the bailiff’s regularly; and finally to a Spain that, despite having undertaken major reforms, has found these were insufficient or ignored by the markets.
The governments of southern Europe have already revealed, or are about to reveal, all their cards: cuts, austerity, government by technocrats – whatever it takes, though there isn’t much left in the repertoire. In addition, the icy reception by the markets of the technocrats moving into office in Greece and Italy, plus the hike in the risk premium that Spain is getting hit by, are the best proof that solutions to the crisis are much more to be found beyond our borders than inside them.