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The Bank of Spain blames to the wages of the increase of unemployment
The governor locates in companies and unions “the challenge” to restrain unemployment. Ordo'6nez has been asking the families more effort in formation and saving of energy For two month and a half that the governor of the Bank of Spain did not speak in public. Since then they have passed many things and Miguel Angel Fernandez Ordo'6nez recognized yesterday that “we are crossing the more important financial crisis from the 1929 depression”. In an intervention in Seville, organized by the Mail of Andalusia, Fernandez Ordo'6nez demanded reforms in the work market because --according to he said-- of it he is going to depend that “the present phase of adjustment is fast and little deep or, on the contrary, intense and prolonged” in Spain. The key --it said-- it is in the wages and for that reason it demanded a “responsible answer” to industralists and unions. Like in other occasions, the governor loaded against the clauses of wage revision ligatures to the inflation that are included in the collective agreements. In the heat of process of social dialog, the opinions of the governor constitute everything a torpedo for the union arguments, that make of the clauses a pillar of the negotiation. According to the analysis of the Bank of Spain, the rigidity in the formation of the wages forces the companies to fit to its expenses trimming use. “For that reason he is not surprising that in the last year the rate of unemployment has increased in Spain 2.4 percentage points, until 10.4% in the second trimester of 2008, whereas in the same period the rate of unemployment in the zone of the Euro has remained relatively stable, something over 7%,” said. PAINFUL REALITIES For the Bank of Spain, “are fundamental” to adapt the wage evolution to the specific situation of the companies, to its activity, gains of productivity, benefits, et cetera. “The companies, along with the unions, face the challenge to contain the effect of the adjustment on the use”, sentenced Fernandez Ordo'6nez. In his opinion, “he is essential that the economic agents adapt to the new realities, by painful that is”. And the advice also applied to Government and families to it. The Government he asked to him that he flees from the “cortoplacismo” and does not fall in the adoption of fast measures, but, on the contrary, advance in the structural reforms. Facing the elaboration of the budgets, he asked “to carry far the prudence” not to adopt generalized and permanent “discretionary” measures that try to resist the effects of the adjustment on families and companies. Of the families, the Bank of Spain waits for a greater effort of formation and saving of energy. For the governor “it is difficult to predict” if the euríbor (that closed yesterday in 5.484%) raises more. It only aimed that the euríbor one already incorporates a premium of important risk on the official price of the money (4.25%) and it almost dared to discard types “of two digits” like in 80 and 90. ROSE MARIA SANCHEZ (the extracted News of the Newspaper)
 
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