Send the Troika Back to Spain, Catalan Finance Chief Says

The European Union could help settle a long-running spending dispute between the central government and the regions if it used its beefed-up budget powers to send a new team of inspectors to Spain, according to Catalonia’s vice president, Oriol Junqueras.

Junqueras, who oversees budget policy in Catalonia, said that European officials should intervene in the national budgeting process because the central government’s decisions are “arbitrary, inefficient and unjust” while ignoring EU guidance. The European Commission is considering whether to impose sanctions and increase oversight on Spain after Acting Prime Minister Mariano Rajoy breached the country’s deficit limit for a fourth straight year.
The Catalan finance chief said that Rajoy has struggled to tame the national deficit in part because he imposed unrealistic targets on the regions and that an EU intervention could help to resolve the problem before it escalated.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.