Hopes increase slightly for the economy

The worst could be over for the Spanish economy according to an investor-driven report from Morgan Stanley. European Central Bank leader Mario Draghi offered similar words yesterday in his appearance before Congress. He said, "We have started this year in a more stable financial environment thanks to the reforms that were adopted."

But it is still too early to say whether Spain's problems are over or whether enough reforms have been enacted. For his part, Rajoy declared yesterday his intention to continue enacting major reforms on the nation's economy in order to correct budget imbalances, create jobs and increase national revenue. The Prime Minister did not equivocate and said that these changes would take place in 2013. This year there will be no elections in Spain, which will reduce ballot box pressures on politicians. Any government knows that it has two years to carry out reforms fully. The Spanish government cannot afford to waste its chance to carry out its reforms, because we are still in the middle of major budget cutbacks that are starting to show their initial results even if citizens are not seeing these results directly in their day-to-day lives.

Job growth will begin once the signs of recovery are crystal clear. That moment lies just ahead. Because even if we continue to run an annual deficit, our competitive position and export business have both increased, two factors that will drive the national economy. Morgan Stanley assures that "Spain is going to be the next Germany" even though investor confidence continues to flag, signs of recovery are still weak and reforms are still pending.