SPAIN 1 Jan 2010 Spain assumes 6-month presidency of European Union

Spain plans to promote a new economic model, reaffirm and strengthen social bonds and support the European Union as a single voice in a multipolar world during its 6-month presidency of the bloc, according to government statements. Madrid will seek to coordinate economic stimulus measures in the bloc and work to put in place mechanisms to avoid future crises by improving regulation and supervision of financial markets, according to the office of Prime Minister Jose Luis Rodriguez Zapatero.

During a visit in April by French President Nicolas Sarkozy in April, the prime minister also said Madrid will push for greater economic powers for the European Union during its six-month rotating presidency. He explained that the crisis has offered up firm evidence that economic governance was needed at the EU level, long a position of the French government as well. "I can't see a single market, a single currency, then not see an economic government with powers, with tools," the prime minister said following the meeting with the French president.

At present fiscal policy is set at member state level with a degree of co-ordination between finance and economy ministers.

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Spain says to push for more EU economic powers (Guardian 28 Apr 2009)
http://www.guardian.co.uk/business/feedarticle/8478198