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Miguel Ángel Fernández Ordóñez is now history at the Bank of Spain. The former governor, who is leaving his position early, commented in a recent private meeting on the keys to the Spanish economy. This is his analysis. MAFO drew these conclusions at a private lunch with the economics spokespersons of the parliamentary groups in Congress. It was his farewell to the deputies. It was, as we say, behind closed doors and the former governor was responsible for the bill. This is what Fernández Ordóñez thinks: -- Rescue is necessary . He saw it as essential that Spanish banks receive European aid to clean up their balance sheets. The future of the euro . For MAFO, the single European currency looks bad. He sees a not very hopeful future, especially for the economies that are going through the greatest problems.

Spain will continue its journey through the desert . Our country will still go through several tough years. In MAFO's opinion, Spain will emerge from the crisis in about three years. It is the specific figure he gave. -- The key is exports to the great powers . For the former governor, the way out of the recession for Europe is to increase exports. Mainly, with the thriving economies that for MAFO are the United States, China and India. There are signs of a reduction in imports UK Mobile Number List from these countries, which is why Fernández Ordoñez is still pessimistic about the future of the euro zone. The atmosphere of the meal was, in general, relaxed . Some deputies saw him as animated and affable. In fact, it was the first time they met in this legislature. Someone tried to pull his tongue and asked him for his opinion on delicate matters. MAFO avoided answering by saying that he was not going to criticize anyone . A deputy defined him at the exit as a true statesman.



Even so, some countries, such as Holland and Finland , wanted a greater 'punishment' for Spain , as a counterpart to 'saving' the banks, but finally the majority of European partners supported a soft rescue , without further conditions for the country. Mariano Rajoy 's team highlights the influence on that decision of the US president, Barack Obama , who declared a few hours before that further adjustments made no sense in Spain with its high unemployment rate and without any growth stimulus . A key aspect that will allow the Government not to have to make further adjustments to economic policy. The demands on Spain will be limited exclusively to the financial sector , with direct supervision of the ECB , and a new banking reorganization .
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