OECD Warns Spain To Reform Labor Laws

Spain could further cut severance pay and better match training programs to business needs among new steps to reduce Europe’s second-highest jobless rate, the OECD organization of wealthy countries said in a report on Wednesday.

The report by the Organization for Economic Co-Operation and Development praised Spain, which is just emerging from a prolonged economic and financial crisis, for the deep labor market reform passed last year but said more could be done.

More than one in four Spanish workers is jobless, only Greece has a higher jobless rate in Europe, and about half of workers 18-25 years old are unemployed.

Centre-right Prime Minister Mariano Rajoy said on Wednesday the jobless rate at the end of 2013 would be unchanged from the end of last year but would improve next year.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza