Some thoughts by Advisor of Bank of Spain
Tuesday, September 2, 2008 @ 9:30 AM
Economist Guillem López Casasnovas, Professor of Universitat Pompeu Fabra de Barcelona, stated "we have arrived late to the current financial crisis, when the most important thing, even in prosperity times, is prevention so that measures can be taken"
López is an advisor of Bank of Spain: presented a crisis scenario and stated that" it is foreseen the situation to hit button after the summer of 2009"
In spite of all, he was optimistic "The answer is patience and acceptation of changes in habits and uses" "the way ahead is not as gloomy as it is presented. There is life but if everybody emphasizes the negative side, we will ruin the economy"
"Entrepreneurial spirit and social capital need to grow to face the new reality, which implies integration of immigrants and good academic training"
"The end of a society maintained by credits and mortgages could not be too promising. In a global World, consequences generalize and implications grow" he added.
( Free translation by Maria de Castro. Taken from " El Ecomomista")
By Maria L. de Castro
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