Spaans voorzitterschap benadrukt steun Eurolanden voor maatregelen genomen door Spanje en Portugal tijdens de Ecofin-raad (en)

Second Vice-President of the Spanish Government and Finance Minister, Elena Salgado (left), talks to her French counterpart, Christine Lagarde (right), before the Ecofin Council which is being held this Tuesday in Luxembourg. EFE

The Spanish Minister of Economy and Finance, Elena Salgado, highlighted the support obtained from the Eurozone countries for measures taken by Spain and Portugal, at the Ecofin meeting held on Tuesday in Luxembourg.

The Second Vice-President of the Spanish Government said upon entering the Ecofin meeting that "we have presented an austerity plan until 2013 in which, obviously, all the data that is sent annually to the European Union has to be updated every year under the Stability and Convergence Pact".

"But there are no more specific measures," added Salgado, who said that "what there is, is a commitment by the Spanish Government that if there are variations in the budget implementation, to solve these variations so that in any event the deficit in 2011 is 6%, which is the commitment we have made and the commitment which the Commission says is correct".

Salgado stressed that in Monday's Eurogroup meeting she said that "we will reach a 6% deficit in 2011. We will have to reach 3% in 2013. So, obviously in 2012 and 1023 we will have to continue working towards this. But no one demanded anything. What there was yesterday was support for Spain's and Portugal's measures”.

On Tuesday, Elena Salgado expressed her commitment to take any additional measures "that are necessary" to reduce the deficit, but she confirmed that no other specific measures are being prepared, as she believes that the adjustment announced so far will be sufficient.

"We will adopt the necessary measures for the deficit to reach 6% at the end of 2011, to which we have committed. But there are no additional measures because, according to our forecasts, what we have put on the table is sufficient to meet that goal", said Salgado.

The Spanish Minister made her statements after the President of the Eurogroup, Jean-Claude Juncker, opened the door on Monday to the European Union requesting greater measures from Spain and Portugal after 2011, as well as reforms in the labour market and the pension system.