The Economy of Catalonia

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More particularly, these rules will be discussed in the second part of this paper. Debt is often studied per se without taking into consideration that the distribution of rights and obligations entails the distribution of assets. In the third part of this study we will consider various criteria for the distribution of assets according to the different types of property. Last of all, we will take a look at the various scenarios of negotiation. Determination of debt Debt of the Spanish State’s public sector Net debt of the Spanish Central Administration 2000 297,121 2001 297,685 2002 303,707 2003 302,625 2004 314,084 2005 313,704 2006 308,145 2007 300,266 2008 349,927 2009 468,356 2010 532,484 2011 605,129 2012 700,014 2013 1st Q 733,456 Source: Own work based on data from the Bank of Spain. Table 1. Debt of the Spanish public sector 2000-2013. Net debt in financial assets of the Spanish Central Administration (data in million euros) Two methods are commonly used to determine the debt of the Spanish public sector: the outstanding total liabilities method and the Protocol on the Excessive Deficit Procedure (EDP). The EDP is commonly used for the analysis of State deficits 26 and this is method that we will use in 26. The definition of debt according to the EDP is governed by Regulation (EC) No. 479/2009 of 25 May 2009, which refers to the ESA. This regulation obliges the EU Member States to send the data of this definition of debt by subsectors to the European Commission and specifically to Eurostat. 148 The Economy of Catalonia
this study. The difference between the two methods lies primarily in the fact that the EDP does not include the Public Administrations’ liabilities in the possession of other Administrations, the commercial loans between Administrations or other trade accounts outstanding. 27 Moreover, since the total sum of the State sector’s debt includes the interadministrative debt (the Autonomous Regions Liquidity Fund or FLA, the supplier payments plans and the loans to the Social Security), we deduct these amounts to determine the Spanish Central Administration’s net debt in financial assets 28 (see Table 1). Debt of the Generalitat The forecast on 31 December 2013 (keeping in mind that this paper was written in September of that year) may be inferred from the «Financial- Economic Plan» submitted by the Generalitat to the Spanish Ministry of Finance and Public Administrations, 29 which estimated that the debt could reach a figure of about 65,500 million euros. This figure will probably prove to be higher, however, as a result of the new target deficit approved by the Spanish Government. It may also be increased by the deficit and its financing (which is achieved in reality by extending the Budgets), and by a second phase of the supplier payments financing plan and other events that may occur before the close of the year (see Table 2). Generalitat 2008 18,070 2009 22,514 2010 31,741 2011 41,912 2012 50,045 2013* 65,500 Note: Forecast for 2013 calculated in September 2013. Source: Generalitat. Table 2. Debt of the Generalitat 30 27. See the»Nota metodológica» (Methodological Note) published by the Bank of Spain in annex to the Boletín estadístico (Statistical Bulletin). 28. Bank of Spain. http://www.bde.es/webbde/es/estadis/infoest/htmls/notamet pde.pdf 29. http://www.minhap.gob.es/Documentacion/Publico/PortalVarios/Financiacion- Territorial/Autonomica/PEFCCAA/PEF%202013%20CATALU%C3%91A%202013.pdf 30. The data include the Generalitat, ESA companies and universities. Debt and distribution of assets 149
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The Economy of Catalonia Questions
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Oriol Amat, Núria Bosch, Antoni Ca
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Contents Preface to the English Edi
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Preface to the English edition This
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Preface (Translated by Jordi Vilano
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Introduction (Translated by Jordi V
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1 The position of an independent Ca
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United States such as Massachusetts
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2010, Catalonia was in 64th place o
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fact, this combination of factors a
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ilar population to Catalonia and sh
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ence in emerging markets, especiall
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fact, the high proportion of multin
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egion in volume of inward investmen
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mega-regions towards sustainability
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also be confronted with the paradox
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the reasons that are emerging for a
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This 47.1% signifies a considerable
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2005 2006 2007 2008 2009 2010 Estim
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and there would be no need for cuts
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centage of freight between Spain an
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to prevent Spain’s point-blank re
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) The effects on markets, especiall
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speak of the coefficient of central
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Bibliographical references Amat, O.
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Rodríguez Mora, J. V. (2012) «Por
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For the purposes of economic analys
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It should also be recalled that the
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The reasons for regional economic i
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their mind» about European integra
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the Copenhagen criteria, which esta
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in the European Economic Area, whic
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ing the status of member of the Uni
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3.2. In or out of the European Unio
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were to veto the request, experts e
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In November 2012, Granell expressed
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-The regulatory fragmentation that
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would have to find alternative solu
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economic shocks, any one of which,
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In my opinion, an impartial reading
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4 In or out of the euro 4.1. An ind
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Analysis of possible scenarios Scen
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official currency and financial ins
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nisms and the European interbank pa
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arising from the integration of a h
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4.2. In or out ofthe euro: certaint
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prevent or limit damage to the mult
Page 99 and 100: Let me make a short comment on the
Page 101 and 102: context of a Spain that leaves the
Page 103: Col·lectiu Wilson (2012) «Europe,
Page 106 and 107: termediation, which is performed by
Page 108 and 109: The Catalan financial system The Ca
Page 110 and 111: Financial institutions with headqua
Page 112 and 113: • The bank was put up for auction
Page 114 and 115: had risen by 16.3%, staff had been
Page 116 and 117: go to Brussels and say that they ha
Page 118 and 119: Appendix This article is complement
Page 120 and 121: The Catalan Public Sector in the Eu
Page 122 and 123: 20% 18% 18.8% 16% 16.2% 15.5% 13.6%
Page 124 and 125: 9% 8% 7.9% 7% 6.5% 6.4% 6.2% 5.8% 5
Page 126 and 127: It is very obvious that Madrid has
Page 128 and 129: Spain Catalonia Generalitat Variati
Page 130 and 131: - Armed Forces: in the form of army
Page 132 and 133: Pérez, F. (DIR), Cucarella, V. and
Page 134 and 135: and to the private sector. Another
Page 136 and 137: 2006 2007 2008 2009 Direct taxes 17
Page 138 and 139: method, that is to say, the expense
Page 140 and 141: itory. The same applies to the prog
Page 142 and 143: 2006 2007 2008 2009 Spanish State e
Page 144 and 145: e obtained. Table 3 shows that the
Page 146 and 147: with the EU in the period 2007-2013
Page 149: 8 Debt and distribution of assets 2
Page 153 and 154: the State’s property and debts on
Page 155 and 156: It may be asked whether the new Cat
Page 157 and 158: The main source of International La
Page 159 and 160: Principles of distribution of asset
Page 161 and 162: Immovable property of the State con
Page 163 and 164: Social Security Reserve Fund On con
Page 165 and 166: Investments according to Additional
Page 167 and 168: Forecasts Million euros 2007 2008 2
Page 169 and 170: Possible negotiation scenarios What
Page 171 and 172: Even if it were only possible to ev
Page 173 and 174: States that form part of 21st-centu
Page 175: Spanish Royal Decree 496/1987, of 1
Page 178 and 179: Social Security contributions, pens
Page 180 and 181: ury and its managing agencies (auto
Page 182 and 183: citizens tend to join the labour ma
Page 184 and 185: in the economic, social and cultura
Page 186 and 187: declaration of independence, the bo
Page 188 and 189: oycott would have a more pronounced
Page 190 and 191: the will of the people. The great m
Page 192 and 193: Guinjoan, M. and Cuadras, X. (2011)
Page 194 and 195: Denmark, Finland, Austria, the Neth
Page 196 and 197: 2012 Company Sector Sales (€m) 1
Page 198 and 199: Export companies There were 43,176
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Spain, and appreciably more than th
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Conclusions After considering how c
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likely to be in the firing line are
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IDESCAT (2013), based on data from
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the sample represents 20.8% of its
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No opinion Increase the centralisat
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sioners, business people and/or the
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Impact on the Catalan economy In th
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alternative. This is not supported
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More specifically, 94.6% of pension
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37.8% 57.8% 4.4% Yes No opinion No
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fessionally and 47.8% believe it wo
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13 Conclusions: economic certaintie
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having less potential and less per
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Catalonia had been an independent S
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ands and a declining proportion of
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Anton Gasol. Doctor of Economics, f
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The Economy of Catalonia

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