Other News

Op-ed: The Merkel Plan for sovereign debt problem

Something is stirring in Europe, and once again German leader Angela Merkel is managing to solution for fixing the sovereign debt crisis. Her proposal comes with the ever-wise German?s seal of approval, the Amortization Pact that they offered in November.

This agreement would unite the interest of ailing countries with the interest of those who have asked for taxpayer support without provoking public outcry.

Struggling member states would be offered the chance to finance a portion of their debt through a common amortization fund to be guaranteed by those who sign the pact.

Government of Spain notifies Brussels of a new “tax lease” regime for financing shipbuilding

The Government of Spain has sent an official Notification to Brussels regarding a new fiscal regime for the financing of shipbuilding. The so-called “tax lease” regime replaces the previous system used by the sector until June 2011, when its application was suspended due to the launch of an investigation by the European Commission.

“Tax lease” systems are a fundamental instrument in the commissioning of new ships, the various forms of which are regularly used by European countries in shipbuilding. The fact it has been impossible to use the system since June 2011, together with the consequences of the economic crisis and significant fleet reductions, has led to significant difficulties in the Spanish shipbuilding sector over the last 12 months.

Contributory pensions in May exceed 7.3 billion euros

The monthly total of contributory pensions paid out by the Spanish Social Security system on 1 May was in excess of 7.3 billion euros (7,366,867,000). This is 4.3% higher than in the same month of 2011 according to the statistics published on Thursday by the Spanish Social Security system.

The average retirement pension from the Spanish Social Security system amounted to 943.96 euros, up 3.3% on the same period of last year. As regards the average pension from the system, which includes all the various types of pension that exist (retirement, permanent incapacity, widowhood, orphanhood and in favour of relatives), this stood at 828.07 euros per month. This is a year-on-year increase of 3%.

The Government approves Stability Programme and National Programme of Reforms


The Council of Ministers approved, for submission to the European Union and to the European Commission, the National Programme of Reforms for Spain 2012 and the Stability Programme for Spain 2012-2015.

The Vice-President of the Government, Soraya Sáenz de Santamaría, underlined that the Stability Programme “maps out the path to definitively establish budgetary stability along with the adjustments to the public accounts in our country”.

All public administration services in Spain to incorporate principle of budgetary stability

The Ministry for the Treasury and Public Administration Services is publishing an explanatory video on the Stability Act that can be accessed from its website.

By passing this law, the first to be approved by Parliament during this legislature, the Government of Spain is assuming its constitutional responsibility to coordinate the economic policy of all public administration services. The law gained increasing support from the nationalist groups as it was passed through Parliament, as well as the backing of all regional governments and local authorities.

Taxation: Commission requests Spain to modify its rules on excise duties

Brussels, 26 April 2012 – The European Commission has today formally requested Spain to modify its rules on excise duties to bring them into line with EU legislation.

Under EU rules, all movement of excise goods under duty suspension within the EU must be accompanied by an electronic administrative document giving details about the goods, including information about their journey time.

Preliminary conclusions from IMF on Spanish financial sector

 The International Monetary Fund (IMF) has just published its preliminary conclusions of the Spanish Financial Sector Assessment Programme (FSAP). The assessment follows a decision by the G-20 stemming from the international financial crisis stipulating that each member of the organisation will be assessed every five years.

This is the second time that the Spanish financial sector has been subject to IMF assessment. The definitive conclusions will be published in the summer together with the annual IMF examination of the Spanish economy.