How restore bank lending to households and businesses

The magnitude of the task ahead requires two things: speed of implementation and broad political and social consensus. Let us be clear: our democracy is consolidated and is good to have government and alternative. But we live in an exceptional situation which advises exceptional solutions from those that apply only every 30 years. For the severity of the recession and because it requires a formal agreement with the regions to promote the necessary reforms.

Also because all they need to put in place longer than the remaining term, and because it will be impossible to implement without any kind of social response by disadvantaged minorities. This effectively makes a great political pact. This, today, is urgent and important, the two things at once. Any other options, including early elections, not a solution because, even if an absolute majority winner, would still need the assistance of those who remain in the opposition but controlling many plots of institutional power. Today, we need both government and opposition, useful for the country.

On the other hand, I think the data predict a recovery in the Spanish economy more quickly than expected. If part of the recession was due to the shock effect that decisions in crisis stops private investment or consumption, symmetrically both see a rebound because of what might be called relief effect when it assumes that what lie ahead is the reactivation and no more recession. There cannot wait to get out of the crisis. In addition, this predisposition can provide feedback by little they start to confirm positive objective. However, relying on a spontaneous departure is to accept a more slow, unfair and harmful to the poorest. The green shoots are to look after them, protect them and water them because the rest of the field will continue for a long time, full of weeds. Therefore, we should not hurry to withdraw public stimulus to activity, are to be preferred to reform public spending before cutting it and, above all, we need urgent and radical action that will restore bank lending to households and businesses

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