The President of the Spanish Government, Pedro Sánchez, has expressed the importance of the European Union reaching an agreement with the United States to resolve their differences after the million-dollar aid measures against inflation approved by the Biden Administration, although he has stressed the need for also Europe “do your homework”.
“It is important that we do our homework and review our industrial policy,” Pedro Sánchez explained in his speech at the World Economic Forum, which is being held in the Swiss town of Davos, where he has assured that this issue will be something that will be focused on the Spanish presidency of the Council of the European Union in the second half of 2023.
In this sense, the Spanish president has defended the need for the Western allies to be closer instead of more divided.
However, at the same time he has insisted that “there are homework to do”, including the review of internal European rules on state aid.
In this way, Sánchez recalled that the Spanish Government has sent its proposals to the European Commission on the electricity market, State aid and what it has been doing in recent years “and proposing different measures for a stronger and more integrated Europe ”, because “common challenges require common responses”.
In this sense, he questioned in his speech whether enough is being done to fight challenges such as inequality and climate change or whether the crisis is being used to slow down the green transition.
“There is much more at stake than the evolution of our economies in the next quarter,” Sánchez warned, assuring that Spain will be at the forefront in tackling major challenges such as the pandemic, the war in Ukraine, the energy or food crisis.
Thus, although he has recognized that “2023 will not be a great year for the economy”, he has made it clear that Spain is showing signs of resilience and strength, with growth above the euro area average and the lowest inflation in the region, as well as institutional stability.