Monday, November 29, 1999

Bank of Spain says economic recovery still weak

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Signs of recovery in Spain's economy are still very weak, the Bank of Spain governor said on Wednesday, adding it was essential austerity measures were met, even if they hurt short-term growth.The Bank of Spain also called for fiscal consolidation and a quick absorbtion of excess capacity in Spain's residential housing market.The crisis has shown the weakness of economic governance in the euro zone, Miguel Angel Fernandez Ordonez said in a speech.(Reporting by Judy MacInnes; Writing by Tracy Rucinski; editing by Sonya Dowsett)
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