Sánchez offers Spain the ability to stop depending on Russian gas

The President of the Government, Pedro Sánchez, yesterday on his arrival in Davos (Switzerland). / EFE

The President of the Government considers the data on the evolution of employment "impressive" and defends from Davos the strength of the country's recovery

Jose Maria Waiter

The President of the Government, Pedro Sánchez, has started the first session at the World Economic Forum in Davos (Switzerland) to anticipate that "Spain, the Iberian Peninsula and, I would say, southern Europe, will have the opportunity to respond to this Russia's energy dependency on fossil energy. This has been indicated in an interview with the American network CNBC.

The regasification and storage capacity of Spain and Southern Europe in general represent an opportunity for the European Union (EU) to reduce its energy dependence on Russia, according to the President of the Spanish Government, Pedro Sánchez, who has underlined the need to increase interconnections between the Iberian Peninsula and the rest of the European market.

In this regard, the President of the Government has indicated that, in his opinion, the EU energy market is not well designed and does not respond to the stress caused by this crisis by not having strong interconnections within the EU, therefore which has pointed out the importance of carrying out a major reflection at European level on how to adapt the energy system.

In this regard, Sánchez recalled that Spain represents around 37% of the total regasification capacity in the EU and the Iberian Peninsula accounts for nearly half of the EU's LNG storage capacity, adding that "the only problem is interconnection”. "That is why I think it is important for the Commission to make a statement on the need to increase and intensify the interconnections between the Iberian Peninsula and the rest of the EU."

On the other hand, the President of the Government, who plans to speak twice this Tuesday at the World Economic Forum, has defended that the fundamentals of the Spanish economy "are quite strong".

In this way, Sánchez recalled that the Executive's forecasts point to GDP growth of 4.3% in 2022, while he highlighted that the evolution of employment "is quite impressive", with more than 20 million employed, a figure that was not reached in Spain for years.

"Our forecasts point to a deficit of less than 3% of GDP by 2025 and a public debt of less than 110% of GDP", he recalled to underline the Government's commitment to fiscal consolidation and the transition to a green economy in Spain.

Likewise, with the reform agenda and the European recovery funds, Sánchez has assured that the Government is ready to cushion the consequences of the war and modernize the economy, as well as increase competitiveness and productivity. “We are facing the future of the Spanish economy with optimism”, he stated.

As for the possible normalization of the ECB's monetary policy, the Spanish president considered it important to keep the ECB's monetary policy and fiscal policy aligned.

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