Speech by the President of the Government at the closing ceremony of the 28th Meeting of the Círculo de Economía

Mr. President, esteemed authorities, ladies and gentlemen, friends of the Círculo de Economía,

Exactly twelve months ago, at this very same forum, the final words of my speech to you at the last meeting of the Círculo de Economía went something like this: "Before I finish, I want to make a promise to you all - if you are good enough to invite me to the 28th Meeting of the Círculo de Economía in late May or early June of next year, I will definitely come back to stand among you once again. I hope that certain changes have taken place in our country by then".

Well, in fulfilment of that promise, here I am among you again and I hope to be here again next year. This is the ninth consecutive year, as Mr. Piqué rightly said in his speech, that I have accepted an invitation to the Círculo de Economía. Let me assure you that this is an unbeatable opportunity for me to hear about the ideas, concerns and projects of the business community in Catalonia, which you all represent so well.

I therefore do not consider this to be a routine obligation but rather an opportunity. That is how I see it today as President of the Government and that is how I've seen it for the last eight years, when I came here as leader of the main opposition party. And you can rest assured it is an opportunity I do not intend to waste.

Allow me to begin with a brief summary of what we know. I want to express my sincere gratitude to the Círculo de Economía for having invited me yet again to this forum. I want to thank Josep Piqué, its president, for his kind words - the fact they come from a friend does not mean they merit any less gratitude. Thank you, Josep, for your kind words and wishes, and thank you, of course, to all of you for being here today.

When choosing the main theme for this conference, a decision was made - as the president of the Círculo de Economía himself said in his speech - to focus on the "challenges, opportunities and alternatives" that present themselves "at such a historic crossroads" as the one we stand at today. Without allowing ourselves to slip into hyperbole, we must admit that you have shown a streak of "clairvoyance" when using the term "crossroads". You need only read the front pages of the newspapers, watch the leading stories on the TV news or observe the most highlighted events by our news services to see that we are indeed standing at a crossroads: whether the economic future of Europe, not just the Eurozone, will remain the same as it has been in recent years or whether it will embark upon a new path towards greater political and economic integration has yet to be decided. Such a new path must lead us to a place with greater stability and growth.

Ladies and gentlemen,

Spain in particular and Europe as a whole are now dealing with a situation that needs no description here because you've already been discussing it for the last two days. This situation could be given a wealth of adjectives but it could never be defined as easy or simple.

Within this context and before getting on to the topic I will be covering in more detail, in other words the measures being adopted by my Government, please allow me, by way of a prologue, to briefly comment in general on the specific period we are currently living through.

The difficulties are very serious and nobody can doubt that fact. They are not beyond us but they are serious. And while the difficulties are great, the waves they generate are much greater.

We have recently been witnessing a constant barrage of comments, warnings and prophetic soothsaying that seem to foresee the end of days. It is as if all the sources of bad news in the universe have agreed to create the impression that something important is about to happen, although they do not clarify what precisely that is.

It is only natural in circumstances like these that certain fears, mistrust or concerns arise. It is natural and reasonable. What is not reasonable, however, is to feed those fears and to allow them to grow out of all proportion and drag them into the dangerous terrain of irrationality.

We are not on the edge of a precipice, ladies and gentlemen. That is not the reality. We are hardly walking through a bed of roses but nor are we witnessing the dawn of the Apocalypse.

We have not yet rid ourselves of the threats but neither will we succumb to them. The storm has not yet cleared but we are not going to sink. We are experiencing turbulence but the important thing to realise is that we can withstand it and we will soon be able to successfully overcome it.

There are well-grounded reasons for being sure of that. The first is that Spain, although it seems everyone has forgotten this, is a very solid country. This is not the first time we have experienced crisis and, therefore, it won't be the first time we overcome a crisis situation. Spain has managed to emerge stronger from each crisis it has had to face in the 1970s, 1980s and 1990s, and in the last half century, Spain has gone from having half the per capita income of Europe to enjoying the average per capital income of our economic region.

Spain is one of the major European markets, both in terms of its overall economic weight (we are the fifth-largest EU economy and the fourth-largest in the Eurozone) and in terms of its per capita income (the fourth largest of the Eurozone economies).

Spain has an economy that is open to the world: whereas in 1995 Spain had a mere 5% of its Gross Domestic Product abroad, that figure is today in excess of 46%; 50% of global infrastructure concessions are managed by Spanish companies; two of the top banks in the world are Spanish; and our companies are recognised as being highly competitive internationally in such sectors as telecommunications, insurance or business services, as well as many others.

Our balance of payments by current account - and Mr. Piqué also referred to this in his opening speech - is about to achieve equilibrium (it is true that things still need to be done but this is something of extreme importance) and growth in the productivity of our economy is faster than the European Union average.

Although it is true that a dreadful number of jobs have been lost in recent years, it is no less true to say that almost three quarters of the activity and employment that came from Spain joining the Euro remains part of our production fabric. I will give you one fact: the number of people in work in Spain at the end of 1995 was close to twelve and a half million. Today, and in spite of recent events, that figure exceeds 17,800,000. That is an increase of 42%.

Ladies and gentlemen,

The potential for growth in the Spanish economy is clear. There is significant room for improvement because progress could be made in such areas as fiscal discipline, strengthening the domestic market, administrative restructuring, energy, education and institutional reforms, and so on and so forth. This is especially true because of the quality of our productive resources.

This brings me to my first statement: Spain will emerge from this storm under its own steam and with support from our European partners, and we are going to emerge because not only is the economic future of Spain at stake but the very continuity of the European Monetary Union. Spain is a factor in this situation, but it is one of many. It is not the only factor and it is not the worst.

If resolving the situation in Spain is urgent, resolving the problems of the Monetary Union as a whole is no less urgent. Those problems of the Monetary Union, and believe me when I say I am basing this on good reason, will start to be resolved soon.

Bearing all of that in mind, ladies and gentlemen, what I want to do here today is give you a message of serenity. Serenity doesn't mean I've forgotten about the problems, don't care or am indifferent; such tranquillity would be something else entirely. I'm not asking anyone to drop their guards, because we are still in the midst of a storm, for the time being. No, my message is one of serenity. Concerned, active and alert serenity but with no irrational fears and with no useless fanning of the flames of doubt. Serenity, because we know what is happening and what needs to be done.

This is very much like a ship being ravaged by a storm on the high seas. There is a lot of movement and that movement is alarming the passengers. That there is movement doesn't mean there are unavoidable risks nor that there are problems down in the engine room nor that the ship is wildly off course nor that do the crew know what they need to do. No, it simply means the ship is sailing through troubled waters in circumstances that are more difficult than usual. Nothing more.

I don't know whether the noise that surrounds us will die down. What I can assure you of is that we will not stop doing what is necessary here in Spain, both in terms of our own domestic situation and in terms of our commitments to our partners in the Monetary Union.

That is our commitment. I insist, we are convinced that Spain and the Monetary Union, with or without the accompanying noise, will emerge from this storm and will leave the economic crisis behind. You can all rest absolutely assured of that.

I will now move on to what I had intended to talk to you about: the action being taken by the Government.

This climate of uncertainty and distrust concerning the future of the Economic and Monetary Union is obviously affecting the outlook for growth of the Member States in general, impeding access to finance and contributing to a weakness in internal demand; two decisive factors in the decline in economic activity predicted for 2012. This situation is affecting Spain with particular force due to the imbalances and rigidity that have been accumulating over time.

The failure to comply for years with the two basic premises of Monetary Union - budgetary discipline and flexible markets - has led us into the situation we are dealing with today.

The success of the Monetary Union requires two essential conditions to be met: fiscal stability to avoid pressures on the currency; and flexible markets to enable the internal adjustment measures that the Union currently lacks. Both conditions, together with a sound and well-supervised financial system, comprise the essential framework that will produce the benefits of monetary integration.

Spain and other peripheral countries are the ones suffering the most from the policies of fiscal relaxation promoted by the European Union during the early days of the crisis and it is the failure to follow these rules that has led to the stability of the system coming under threat.

Spain, alongside all the other members of the European Union, has to work on consolidating these two pillars because this is the path to resolving the current situation and returning stability and dynamic character to the continent that will, in turn, restore the wellbeing of its citizens.

Maintaining budgetary balance and reforming our economies is an essential requirement for regaining confidence in the Euro. My Government's commitment to these objectives is unquestionable. As Mr. Piqué asked from us in his speech, we will do what needs to be done. We will do whatever becomes necessary for Spain to achieve a level of competitiveness and flexibility that will enable jobs to be created again in the future.

If you cast your minds back, you might remember that it was compliance with these rules by Spain that enabled the real per capita GDP growth rate from the mid-1990s until 2007 to stand 0.5% above the EU average and for unemployment to be reduced to unprecedented levels.

Let me put it the other way around: moving away from the rules governing the Euro has led to a public deficit of 8.9% at the end of 2011 - well above the limit established by the Stability and Growth Pact, an unprecedented level of debt; a lack of credit and liquidity; more than five million people out of work; and a clear deterioration in the competitiveness of our economy.

So, what are we doing to get us back on the path to growth?

The seriousness of the situation requires a clear and resounding response. We need to act quickly and courageously, and that action needs to be accompanied by a strong will, which we have, to persevere on the same line for as long as may be necessary.

My Government has focused its activity into five main areas, which are those I have explained to all the leaders of the most important countries of the European Union, those I referred to at the most recent informal meeting of the European Council that took place only a few days ago in Brussels and on which I will continue to insist throughout this legislature. Five main areas:

- Firstly, as I said, budgetary stability.

- Secondly, economic reforms in Spain that will enable increased competitiveness and flexibility in the Spanish economy.

- Thirdly, structural reforms in the European Union.

- Fourthly, the topic today: resolving the financial and liquidity problem.

- Fifthly, the topic today but more especially tomorrow: consolidating European integration and thus removing all doubt and uncertainty about the Eurozone.

Now I will speak in more detail about these five main areas of economic policy that are going to steer our work over the course of coming months and that are, as is to be expected, already steering our work today.

First of all, budgetary stability. My Government is firmly committed to the process of fiscal consolidation and the targets of the Stability Programme 2012-2015 that we presented in April. Furthermore, Spain is firmly committed to the new rules on economic governance in the European Union and especially to the Fiscal Compact.

The reasons for this commitment can be easily understood: we will only be able to free up financial resources if we reduce the public deficit. This is the first step on the path to growth.

As we speak, the public administration services have a monopoly on the small amount of credit available and that is harming the private sector. This is an urgent and unavoidable measure because if we don't reduce the public deficit we also run the risk, the serious risk that many are already suffering, of not being able to finance ourselves in the market. We could also add that reducing the deficit is an essential rule for the functioning of a monetary union and an obligation for all members of the Eurozone.

So, at this time of uncertainty, we must convey trust to the economic stakeholders in the institutional framework that the European Union and the Eurozone have been strengthening for the last two years. We need to meet the public deficit demands for the very same reasons and for one other reason: because spending more than you collect or earn is not a good way to live and most certainly cannot go on indefinitely.

I think that reducing the public deficit will enable confidence to be increased and will make it easier for private players to finance themselves. When the public finances are sorted out, the doubts over the future of the Eurozone will disappear, the risk premium will fall and the public sector will release resources that should be being used to finance economic growth.

I'll say it again, any policy aimed at stimulating growth, any whatsoever, must begin by reducing the deficit. For that reason, the first task that was undertaken by my Government was to approve a series of measures in December 2011 leading to an adjustment of fifteen billion euros, of which two thirds are permanent spending adjustments.

Our firm commitment to carrying out this reorganisation is blatantly clear in the General Budget 2012, which includes a sharp correction of the deficit of all public administration services. The new deficit target for the central administration services is 3.5% of GDP, which is a reduction of 1.6%; the target for the autonomous regions is 1.5%, a reduction of 1.4%; and the target for the local authorities is 0.3%, a reduction of 0.1%.

I must add that the autonomous regions, in coordination with the Ministry of the Treasury and Public Administration Services, have adapted their accounts to the forecasts contained in the General Budget and have adjusted their economic-financial plans to the new macroeconomic framework defined by the Government. In total, the approved plans represent an adjustment of 18.35 billion euros, of which 13.07 are from spending less and 5.28 are from increased revenue.

These commitments are strengthened by new measures aimed at improved economic governance, especially at establishing greater budgetary discipline and transparency. They include the Constitutional Law on Budgetary Stability and Financial Sustainability.

This law introduces a strict "golden rule", if you'll permit me to call it that, which guarantees control over all budgets for all the public administration services. Along the same line as that demanded by the European Fiscal Compact, it prohibits any public administration service from incurring a structural deficit from 2020 onwards and a deficit in excess of the permitted limit during the period of transition. Furthermore, it is guaranteed that the debt held by all the public administration services in 2020 will be below 60%.

The drive for greater budgetary discipline and transparency will also be supported by the future Transparency, Access to Public Information and Good Governance Act, which, by specifying the responsibility of public managers in the performance of their duties and in the handling of public resources, will be an essential tool for restoring confidence in our institutions.

In short: firstly, we need to contain our public deficit. This is compulsory for all concerned and the Government will do everything within its powers to enforce it.

Secondly, as I said before, we have to implement reforms that will enable us to improve the competitiveness and flexibility of the Spanish economy.

My Government is committed to undertaking an in-depth review of our markets. To that end, we have implemented an ambitious programme of structural reforms aimed at fostering a more dynamic, more efficient and more competitive economy. We have already adopted important measures in many areas and we're going to carry on adopting more.

Several measures are aimed at re-establishing the flow of credit towards productive activities and clearing away any doubts, any whatsoever, regarding the solvency and liquidity of the financial sector. We are starting off with some very high levels of debt - as Mr. Piqué said in his speech, astronomical - but the solution cannot involve denying loans to viable projects nor to solvent families. It is essential, I insist, essential, that the financial entities clean up their balance sheets, those that need to do so, which are few in number, to thus enable themselves to adequately channel credit to those who need it.

The doubts surrounding the valuation of real estate assets have caused the financial entities to experience serious difficulties when trying to obtain wholesale financing and have caused a lack of available financing for the private sector of the economy. We have commissioned two independent assessments of the entire portfolio of assets in the financial sector. Our intention is for the balance sheets to be realistic, prudent and solvent in order to tackle the adverse scenario in which we find ourselves.

Furthermore - and cautiously working on the result of that independent assessment - the reform approved in May required an additional increase to the provisions demanded for non-problematic assets that is approximately equivalent to thirty billion euros. The coverage of these loans with generic provisions has risen from the 7% required in February to the current 30%.

Additionally and in order to adjust the capacity of the financial sector and to make it easier for it to adapt to an increasingly more competitive international situation, incentives are being provided for a process of integration and consolidation in the sector.

Alongside the reform of the financial system and in order to ease the effects of non-payment to companies by the public administration services, we have approved the important Supplier Payment Plan, which guarantees payment - to those who signed up to it before 1 April 2012 - of amounts due that were incurred before 1 January 2012.

The effects of this plan are already been felt and suppliers to municipal and provincial entities that had been waiting a long time to receive payment of their invoices are now gradually being paid a total of 9.4 billion euros. To this figure can be added a further 17 billion euros that will start to be paid to suppliers to regional governments.

Ladies and gentlemen, together with budgetary consolidation and the reforms aimed at reactivating credit, it is also essential that we undertake other structural reforms to increase our competitiveness, maintain sustainable development in terms of public financing and guarantee growth and the creation of jobs. These steps are already being taken. I am mainly talking about the reform of the labour market.

The raft of measures included in this reform constitute a comprehensive plan aimed at combating the structural problems present in the labour market, in other words, a high rate of unemployment, stark segmentation of the market and contractual rigidity that stops companies from adapting to economic circumstances.

Based on this diagnosis, the reform of the labour market establishes a new model for labour relations that is similar to the model found in other neighbouring countries.

This is about creating a new labour relations culture, which starts with a reform but needs something much more important - decisive action, I repeat decisive action, from the economic and social stakeholders to make it a useful and operational reality.

Besides the large-scale reforms I have mentioned here, I feel I should also mention certain other measures. Some of which have been implemented and others that will be implemented soon. They are important for achieving greater competitiveness for the Spanish economy:

- On the one hand, measures aimed at fostering the growth and competitiveness of the Spanish business fabric, which is fundamental to becoming an important destination for foreign investment again, supporting Spanish exports and supporting SMEs, which are the main source of job creation. In this regard, we are preparing reforms aimed at supporting entrepreneurial initiative and developing those industrial sectors with the most growth potential. Furthermore, we have scheduled reforms that will strengthen market unity, enhance innovation and streamline energy costs.

- On the other hand, the programme of reforms is aimed at modernising the public administration services, which is an essential step not just for controlling public spending but so the public administration services can contribute to the dynamic nature of the economy. At the most recent Council of Ministers meeting, we took the decision to ensure that anyone wishing to set up a business can do so without the need to wait an eternity for a permit. These people will do something similar to those who declare their income: they present their tax return and then the government inspects it, or not, as it sees fit. Something similar will happen with those who want to set up a business: they will present a declaration, state that all the requirements for the permits have been met and then the pertinent administration service will decide whether they have been met or not.

In this regard, I should also mention the future Plan to Restructure the Public Business and Foundation Sector and the reform, which is currently being examined in Parliament, which will simplify the regulatory bodies that oversee the various production sectors of the economy

So, in brief, which I know has not been so brief, the second point. First, correction of the public deficit. Second, national reforms. And now on to the third point.

The third line of action refers to the structural reforms in the European Union. The increase in competitiveness and flexibility must also be achieved at a European level. It is important for structural reforms to be implemented in Spain, or in Italy, or in France, but they must also be implemented in Europe.

We must make an effort to integrate the national markets more so that asymmetries can be eliminated. To that end, my Government is committed to a European agenda of structural reforms and market integration, markets that are still overly segmented.

On this agenda - and I won't dwell on this point too long - we sent a letter and are working on a few things with the Commission, together with other countries, so that structural reforms are implemented. I will only mention two or three things right now: special attention will be paid to achieving a single internal market; to worker mobility; to youth employment plans (which is a fundamental issue, as Mr. Piqué reminded us in his speech), plans on which the Government has been working for some time with the European Commission; and, of course, all those reforms that support the development of SMEs.

Next the fourth point, but before I move on to the fourth point, I am going to make a brief summary. Everything I have said so far (public deficit control, structural reforms in Spain and structural reforms in Europe) is what needs to be done for the economy to be competitive and to generate wellbeing, growth and jobs. That is what needs to be done and all those previous reforms are the basis for an adequate functioning of the Monetary Union and for our economies to gain the necessary solidity to grow and create jobs. But these reforms, all of them, as everybody knows, take time to produce any effects because, as everybody also knows, stability and flexibility are impossible to achieve overnight.

Enough time needs to be given to those reforms and they need to be protected in order to produce a result. How that is achieved is the problem for today. It is achieved by providing liquidity, with the instruments considered best for the job but that also manage to lower current risk premiums and generate credibility in the currency.

We need to ensure that the Euro continues to be the currency of our countries and we need to ensure that everything is done for that to be the case. Right now, this is the most pressing issue and, among other things, what I am devoting my time to. And it's not easy.

Now for point five. I've explained the first three points - those that are essential for growth and employment - and I've explained the urgent fourth point. Now the fifth, which is indeed for today but, above all, for the future.

This fifth action line involves the initiatives that will enable the doubts and uncertainties hanging over the Eurozone to be cast aside.

In the medium term - the more medium and short term, the better - the European Union needs to strengthen its common institutional architecture so that investors regain their confidence in the single currency. That, without question, and it's been said here, very well said, means making progress on integration or, if you prefer, a greater sacrifice of sovereignty - especially in terms of fiscal affairs.

This means a commitment to creating a European fiscal authority that can steer the fiscal policy for the Eurozone, that can harmonise the fiscal policies of the Member States and that can enable centralised control of finances. As well as being the manager of European debt, it will foster confidence in the Euro, which is essential at this moment in time.

In this same regard, the recent proposal from the President of the European Commission, Mr. Durao Barroso, to strengthen economic and monetary union with a specific and credible calendar seems essential to us for resolving the current crisis. As part of that proposal, we consider his reflection on the need to integrate banking supervision, the deposit guarantee funds and the creation of instruments for the direct capitalisation of European banking to be highly accurate.

These are the five areas, and I presented these five areas, just as I gave them to you here, at the most recent European Council meeting, the informal meeting. I must say that the meeting basically discussed the third area, in other words, the structural reforms that need to be implemented in the European Union. But I am putting all five forward for action, especially the third, fourth and fifth. The first and second just need to be put into practice by everyone, because they involve individual decisions, they are up to us.

I believe that these five areas demonstrate that we are working and will continue to work on what we have been asked to work on by the people of Spain, in other words, to brighten the future and make Spain feel like a great country again, a country that, as demonstrated during previous crises, knows how to react, knows how to sacrifice and knows how to adopt as many measures as necessary to reactive the economy and maintain wellbeing for its citizens.

And I want to tell you one thing: this is a very complicated time, a very tough time, and we're only hearing bad news, but I want you to know that good news is out there and one piece of good news is the realisation by many public administration services governed by different political parties that this is the road to the future, and that is very comforting.

My Government is not the first to face such a high rate of unemployment, a high public sector and foreign deficit and such high debt. This is a story we've heard before and this is a battlefield that has already seen fighting, and the outcome has always been victorious.

The results we obtained during the crisis of the 90s leave no room for doubt over the correct nature of the medicines applied back then and the negative effects of not applying them again since.

Back then, the control of public spending, the liberalisation of various markets and their increased flexibility enabled a zero deficit target to be achieved, they enabled GDP growth of 4% between 1997 and 2000 and an unprecedented gradual reduction in unemployment - from 22% in 1996 to 11% in 2004 - which dropped further a couple of years later.

Even though I've said there are no two identical situations in history, because there aren't, the truth us that the lessons learned back then very clearly show the benefits of being in the Euro, when we do our homework properly, and the enormous price we must pay when we stray from the economic policy demanded by the single currency.

Spain identifies itself with the Euro, not only because of the undeniable advantages it brings but also because of the evidence that, outside of the Economic and Monetary Union, we would encounter much greater difficulty in conveying the economic confidence that would allow us to achieve optimum levels of investment, growth and job creation.

Our economy and our future are closely linked with Europe and the European currency. We therefore need to rigorously comply with the essential premises for the correct functioning of the monetary union: budgetary discipline, I'll insist on this again, and economic flexibility.

I am absolutely convinced that compliance with these factors is not only fundamental but could even be mandatory for a country with the assets and potential of Spain to not again suffer such violent effects of an adjustment.

At the same time, I am fully aware that the application of the measures I have just presented will involve significant sacrifice - yes, we know! - both by the economic stakeholders and by the public in general.

We are doing what we believe needs to be done and this is affecting many people. We know that the measures in healthcare are affecting many people; as are the measures in education; as are the decisions we've taken in the electricity sector - they affect less but they are important; as are those we've taken in the banking sector and the measures we've adopted in terms of the public administration services. But these things need to be done.

It is not the Government that is imposing the sacrifices but rather necessity itself. The responsibility of the Government consists in ensuring that the sacrifices are not made in vain, that the efforts are not wasted and that the confidence doesn't evaporate. That is what the Government has to do.

I can assure you that these sacrifices, now that they can't be avoided, will not be in vain and will lay much more solid foundations for a much more prosperous future, both for ourselves and for the Union because the Union is just as important to Spain as Spain is to the European Union.

My Government will go wherever it needs to go but can only get there one step at a time. It began walking on the day it took power and, as I said before, will continue marching tirelessly onward until it completes the task entrusted to us.

We are going to maintain this policy to the very end because I have no doubt that we will eventually emerge from this situation. I am also convinced that many people will have the courage and determination to accept the rigour and support what we're doing for as long as necessary.

The final objective is economic recovery and the creation of jobs. That is the objective. Our main problem is not the risk premium, nor the financial turbulence, nor the debt crisis, our problem comes down to more than five and a half million people who are looking for a job but can't find one, and it comes down to the fact that more than half our young people are currently out of work. That is our problem and to achieve that final objective, we are today focused on a process of cleaning up our accounts in both the public sector and in the private sector.

That is what we are doing. Spain is in a process of reorganising its public and private sectors. Spain has a foreign debt that almost matches its GDP; Italy has a debt that is equivalent to a fifth of its GDP; Germany has a surplus; France 10 or 15%; and the United States, which is said to have a huge debt, 17%. Spain has a foreign debt that almost matches its GDP and we must therefore clean up our public sector and clean up our private sector.

Ladies and gentlemen,

I have explained - I was going to say briefly but it might be a bit late for that- I have given you a summary of what we are doing and what I believe needs to be done. It's very difficult because there are so many complicated things to think about and getting to the bottom of the analysis is not entirely possible, but I think I've outlined the five main areas we're working on. Some of them depend exclusively on us and others depend on our ability to persuade. Those are always the hardest areas. But rest assured that my Government has its targets in its sights, knows the course it needs to take and knows what it needs to do.

The only thing I would like is to see is more and more Spaniards taking this on board.

Thank you very much.