Reforming The Spanish Economy

By Author: elie prikson
Total Articles: 2
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Then government of Spain introduced a new law in November 2009 in order to reform the country’s economy. This is known as the Sustainable Economy Act or Law economia sostenible. This act covered three prominent sectors of the economy – finance, business and environment. The Spanish government aimed to build up the country’s economy with major thrust on knowledge and innovation. By way of ensuring equal opportunities and social unity, the government wanted to create conducive environment for jobs. Also the law ensures a pattern of economic growth with judicious use of natural resources so that the future generations will not suffer as a result of exploitation of nature by present generation. The economic regulation will be without administrative hurdles and also there will be no unnecessary restrictions. The government wanted to make the nation’s economy competitive by way of globalization, training, science and technology, information and simplified governance.

The other interesting features of economia sostenible act include achieving 20% reduction in the emission of greenhouse gases, use of renewable energy, ...
... achieving energy saving and energy efficiency by using public transport and electrically driven vehicles and implementing uniform taxation for rental and ownership houses. Besides generation of more employment opportunities the new law has provisions for reforming the judiciary, improving the country’s industrial competitiveness and implementing strict rules to combat evasion of taxes. The new Economy Act calls for complete restructuring of the financial sector. The thrust given to renewable energy, creation of innovative, lucrative and stable jobs etc. will certainly take the country’s economy to new heights. Since this law directly affects the entire Spanish society including workers, entrepreneurs, researchers and technologists etc. the government received support as well as opposition from different groups of the society. The government is determined to make radical changes in the country’s economy and also to augment the fight against climate change.

According to the government, this act will bring a lot of advantages that are very significant. The boost to renewable energy will lead to vigorous research and development activities to find out new sources of renewable energy. Similarly, the various economic reforms will help internationalization of the Spanish companies so that they become more productive and also internationally competitive. The opposition political parties of Spain criticized the new act by calling it a publicity stunt of the ruling party. According to them the law contains no new ideas and it is incapable of bringing any reform and save the country from the deep economic crisis. They say that the economy will remain unsustainable.

This content has been taken from http://www.ideamarketers.com/?articleid=3275468&CFID=182910750&CFTOKEN=69562062

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