It was a foregone conclusion. Spain and its structural reforms were going to be the main players in yesterday's meeting held between the Cabinet and the European Central Bank (ECB) in Barcelona. And so it was. As soon as he could, meaning just after the post-meeting press conference began, Mario Draghi capitalized on the chance to praise the Spanish government.
"Spain has made a big effort in its political reforms in a short amount of time," the Italian banker said. But not all news was good. Draghi asked for more work to be done. He said, "Some governments have to be more ambitious." He did not mention specific countries, but later he did identify Spain and Italy by name.
So that his message was clear, he demonstrated "total confidence" in Rajoy's ability to keep a firm pulse on Spain's situation and placed special emphasis on banking reforms. "The necessary measures, both on the fiscal policy and banking fronts, will be taken," Draghi assured.
Later on he made a statement that sounded more like a warning than a pat on the back: "I have absolutely no doubt that these measures will be carried out and adopted quickly and transparently, which other European countries have done and the markets are demanding."
