Minister Calviño, how badly is the European energy crisis affecting Spain?

Heike Goebel

Responsible editor for economic policy, responsible for "The Order of the Economy".

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Svea Junge

Editor in Business.

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The shock will hit countries very differently, depending on how dependent they are on Russian energy.

Spain is in a very different position than Germany.

We have much more diversified gas supplies and have a third of the regasification plants in the EU.

Our share of renewable energies is high.

This strengthens the Spanish economy's ability to withstand the energy shock.

How is the mood among the population?

The uncertainty is very great.

The measures we are taking at national and European level are very important to curb inflation as quickly as possible, to support the most vulnerable groups and sectors and to build confidence.

How is the economy doing?

It is expected to continue growing in 2023.

There has been two pieces of good news lately: inflation fell in September and is below the EU average.

The prospects for the labor market are also good.

Employment has increased for 18 straight months.

Youth unemployment is at an all-time low at 26.6 percent.

And that despite the energy crisis?

Certainly, the Spanish economy will also be affected by the slowdown in the European and global economy.

But we are more resilient than in the past.

Tackling unemployment and reducing the share of short-term contracts are goals of labor market reform and investments in the European recovery plan.

The results exceed expectations.

More people than ever before are paying into the social security system, and tax revenue is increasing.

In response to rising gas prices, the EU countries want to buy gas together.

But your government is calling for much more far-reaching measures.

Spain was the first country to hear the alarm bells.

As early as last summer, we called for a reaction from the EU because we sensed that something was wrong with the energy markets.

Today we know that Putin prepared the war against Ukraine.

We are pleased that the EU is finally discussing proposals that we made a year ago.

In addition to the joint purchase of gas and price caps, the aim is to decouple electricity prices from international gas prices.

How do you rate the results of the EU summit?

A lesson we have learned in the pandemic is that unity, determination and solidarity have been a good response to the crisis.

We should be guided by these three principles now as well.

Now it is Germany that needs support from the rest of Europe, and Spain can help strengthen security and strategic autonomy.

Your government emphasizes that in this crisis it will show solidarity with other EU countries, including Germany, because these countries have shown solidarity with Spain in the Corona crisis.

How far does this solidarity go?

Spain was hit harder than other countries by the pandemic, it received special support from the EU and above all from Germany.

That is why we are now ready to support Germany.

Now is the time when the EU should help Germany like it helped Spain in the pandemic.