UPDATE 1-Spain c.bank won't pressure banks to raise capital

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SAO PAULO, Nov 10 (Reuters) - Spain's central bank will not ask other banks to raise capital following a surprise announcement by Banco Santander (SAN.MC: Quote, Profile, Research) on Monday to raise 7.2 billion euro ($9.24 billion), Bank of Spain Governor Miguel Angel Fernandez Ordonez said.

Asked by Reuters if the Bank of Spain would encourage other banks to take similar action, Fernandez Ordonez said: "I don't know. That's something that each bank individually should decide."

He also said Spain does not need to introduce more fiscal stimulus to boost its economy, adding that the country has swung very quickly from a fiscal surplus of 2 percent to a deficit of 2 percent to 3 percent, due largely to increased spending on unemployment benefits.

"The change in fiscal policy was very abrupt, so there is no need to take discretionary measures," he said on the sidelines of a Bank of International Settlements meeting in Brazil's business capital, Sao Paulo.

Fernandez Ordonez said growing unemployment in Spain was the country's biggest economic challenge and attributed it to the structure of the labor market, which he said made it difficult for wages to fall and forced job layoffs instead. (Reporting by Elzio Barreto and Louise Egan, Writing by Todd Benson; Editing )