Spain's economic recovery must focus on industrial sector exports. Exports have always been our way out of crisis. In the short term too, we will see recovery in the real estate sector which is now at its lowest levels after the crisis. This sector is not going to return to its pre-crisis importance but it will surely reach higher levels than today. Household consumption is also at its lowest levels because of the crisis and because of the growth in unemployment.

Household savings are at their highest levels and we will have to wait for Spanish households to resume their pre-crisis consumption levels. This will benefit all sectors of the economy. All of Europe needs structural change to reach its potential growth. Within Europe there are big exporting countries such as Germany and Italy which will follow the global economic recovery. The recovery of the US economy will benefit those exporting economies. And if Europe brings its fiscal deficits under control, then it will also solve its problems of debt and lack of public sustainability. Europe now needs deep structural changes to improve the jobs market and become an engine of global growth.