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“Spain is under the European Union’s magnifying glass” states the Catalan daily, as the Spanish government tries to avoid being forced to take part in a new European Commission regulation system, as it struggles to implement economic reforms.
The “macroeconomic imbalances procedure” is designed to deal with the lagging competitiveness and overstretched banking systems that fuelled the debt crisis.
The procedure for Spain would include a host of new reforms that will be monitored periodically by inspection visits by EC experts. A decision on whether Spain will have to comply with the new procedure regulations will be announced on May 29.
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