Who is the Bank of Spain? | Opinion

I have commented on Governor Hernandez de Coss that the annual report of the Bank of Spain 2023 is mandatory for politicians, journalists and various opinions with the Spanish economy. Its 2nd chapter, on the challenges of the Spanish economy, or in the housing market they are the main obstacle to the anniversary of compilation studies on Spain’s issues and the political polarity of the country. And I was able to say it, because the mixture of passion and profession led me to read everything (I think) Louis Ongel Rozo, a study director of MTT, gave the form and meaning. After his first election as a deputy in 1977, I remembered the seminars held at Professor Ernest Luch Valencia Faculty to comment that they were continuing, and for example, we learned that it was the importance of M3 and M4, as well as two -digit inflation.

I have read criticism on the action or passiveness of some of the issues, as appropriate, in a democracy, in this area, in this area, in this region, in this region, although it is different from the government. I have not always agreed with its proposals. Many of them seemed unjust or innocent when I was part of the government. But, I never thought that the solution was silent, or to silence other complex or different voice, in addition, the majority did not receive respect. Perhaps, because I lived in dictatorship, I am very sensitive to the totalitarian tendency of some rulers to impose silence or submission around it.

That is why I certify what is happening with the Studies Service of the Bank of Spain after publishing its latest report with its flaws and false representations (I am rejuvenating from today, from today, to whatever it is, I am in the midst of their program, which is the silence about the failure of the pension version) The government is to jump from governments. It gives the subject of principles, not the people, and the latter for another article.

The Bank of Spain should not be in public service and very little for its governor. This is because it is an independent government organization that should be preserved. According to the tasks he does, he does not say or proposes, for which there are channels of correction and freedom of expression. One of the most quoted and novel boxes of this last report analyzes its negative impact on the institutional decline and economic performance produced in Spain and especially on productivity. After analyzing the two indicators of institutional quality and comparing them with OECD and EU in both cases, it is lower than the average of Spain and, in addition, its decline is more than the rest. Without any doubt, when analyzing the data of 2024 and 2025, we do not help improve our outcome at this time with the Bank of Spain.

Analysis of housing, even adjusting data compared to the past year, does not help to point out that there is a deficit of about 450,000 houses, because in other things, in the last three years, the finalist land has no new town developments. This diagnosis, on its own, is invalid and places the solution of the problem with the prices of the focus on the prices and keeps the solution of the problem: 450,000 additional houses for building an emergency national plan, price and free, for sale and rent, by administrative policy ExpressPowers.

I was damaged with an analysis of one of the largest challenges in Spain: productivity of manufacturing factors. Again, again, after following the new temporary indicator, the known ones have been pointed out: Since 1998, Spain has a greater productivity performance than great European economies. However, it separates two steps: 1998-2019, where the gap reached 17 percent points with the best average, and the reasons of that improvement were reduced to the 10 PP, especially in the economy, as mentioned in another section (part of the imprional)

It was time to understand the reasons for describing the abnormal behavior of the Spanish economy, in 2024, when the eurozone was at 0.8%, it increased 3.2%. And we did this, moderate inflation, created employment and external surplus. And, even if I have to read the entrylines, I want to highlight it here, because I have its importance: we will rise by consumption (a popular way with people) and services (not a tourist, but a tourist). Private investment does not take off and under the eurozone, in relation to the GDP, even when the injection is received from the next generation, when they are done, they end up as a flash that goes out steadily. However, we have just commented on the latest annual report of the Bank of Spain and I found that different times are coming. But are they good? WHO?

Jordi Sevilla He is an economist.