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Old 26th Oct 2013, 08:07
  #3479 (permalink)  
Join Date: Feb 2001
Location: In transit
Age: 66
Posts: 3,058
Spain still trapped in 'perennial jobs slump' despite tourism surge ? Telegraph Blogs
This is going to be a long, hard slog. Raj Badiani at IHS Global Insight says the Spanish labour market is "locked into a perennial slump," and there is almost nothing the Rajoy can do about it under EU fiscal constraints:


Can Spain make it? Of course, if the eurozone ditches its contraction regime and reflates. Monetary policy must be more expansive.
You cannot ask any more from the long-suffering Spanish people. Europe must do its part. A nominal GDP target of 5pc would work miracles in Euroland. The ECB refuses to do this. It is monetary policy failure.
Let us place the blame squarely where it belongs.
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