June 23, 2020 / 7:11 AM / 2 months ago

Bank of Spain head urges structural reforms for economy

MADRID, June 23 (Reuters) - Spain needs urgent structural reforms of its economy to cope with and overcome the impact of the coronavirus pandemic, the Bank of Spain Governor Pablo Hernandez de Cos said on Tuesday.

“The design and implementation of reforms should be accelerated, as their credible implementation can generate positive effects on spending, investment and hiring even in the very short term,” De Cos told a Spanish parliament’s committee.

“Fiscal consolidation, for its part, should be implemented once the economy returns to a solid growth path, but its early definition and communication would have important benefits for the credibility of our economic policy,” he added. (Reporting By Jesús Aguado and Emma Pinedo; Editing by Andrew Cawthorne)

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