The Economy of Catalonia

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the Spanish debt, would be 52% 51 of the GDP (including commitments for future years). This is far below the European average. • International Law is the framework to be considered and it provides assurance of a negotiated solution. • Until such time as negotiations begin, there are many factors in favour of the repudiation of the debt. Afterword Does freedom have a price? How will all this end? In the determination of Catalonia’s debt, we believe we have gone beyond the criterion used by the EU by applying the EDP method and also by including the commitments for future years. Likewise, we have analysed the implications of International Law on the separation of States. Lastly, we consider that the data we have presented are accurate. Now, we would like to express a few personal thoughts: • International Law clearly states that «No State debt of the predecessor State shall pass to the newly independent State». If we are covered by International Law, why should we relinquish this right? Why should we pay? • For centuries the looting of Catalonia has been so large –in macroeconomic figures and in suffering (as has been so well and succinctly described above by the historian Xavier Escura)–, that we can only ask: why must we pay a debt that is considered immoral, illegitimate and hateful? If there is no reason why Catalonia should pay, if Catalonia may repudiate the debt, serious negotiation is in order as would be fitting for two 51. Authors’ note for the English edition: This article was written in August 2013 based in part on information published by the Generalitat and in part on a report by the Audit Office [Sindicatura de Comptes]. During the course of 2014, after publication of the book, the Direcció General d’Anàlisi i Seguiment de les Finances Públiques, let us know that multi-year expenditure had already been included in the financial debt. According to their calculations, in the case of a “no negotiation” scenario, the General tat’s debt would be around 15% of GDP 170 The Economy of Catalonia
States that form part of 21st-century Europe. Without negotiation, there is no reason why Catalonia should assume any debt. Bibliographical references Bosch, N. i Espasa, M. (2012) «Viabilitat de Catalunya com a Estat. Anàlisi de la Hisenda pública». Institut d’Economia de Barcelona. Universitat de Barcelona. Barcelona. Escura, X. (2012) «La història indignada dels catalans». Rafael Dalmau editor, Barcelona. Generalitat de Catalunya (2012) «Resultats de la balança fiscal de Catalunya amb el sector públic central 2006-2009». Departament d’Economia i Coneixement. Març. Generalitat de Catalunya (2012). «Informe sobre les aportacions de Catalunya a la Seguretat Social». Departament d’Economia i Coneixement. Guinjoan, M., Cuadras, X. i Puig, M. (2013) «Com Àustria o Dinamarca. La Catalunya possible». Pòrtic. Grup 62. Barcelona. Pont, A. (2012) «Delenda est Hispania». Centre Català de Negocis. Viena Edicions. Barcelona. Ros, D., Pedrol, J. and Casanovas, T. (2012) «Hisenda i pressupostos del Nou Estat». Published on the websites of the National Assembly of Catalonia-ANC (assemblea.cat) and of the Sectorial d’Economia - Economistes per la Independència (economistes.assemblea.cat). Seguridad Social (2013) «Fondo de Reserva de la Seguridad Social. Informe a las Cortes Generales», Madrid. International Law sources Treaties Convention on the Rights and Duties of States. Montevideo, 1933. Vienna Convention on the Law of Treaties, of 23 May 1969. Debt and distribution of assets 171
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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
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Let me make a short comment on the
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context of a Spain that leaves the
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Col·lectiu Wilson (2012) «Europe,
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termediation, which is performed by
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The Catalan financial system The Ca
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Financial institutions with headqua
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• The bank was put up for auction
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had risen by 16.3%, staff had been
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go to Brussels and say that they ha
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Appendix This article is complement
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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 and 150: 8 Debt and distribution of assets 2
Page 151 and 152: this study. The difference between
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: Even if it were only possible to ev
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
Page 200 and 201: Spain, and appreciably more than th
Page 202 and 203: Conclusions After considering how c
Page 204 and 205: likely to be in the firing line are
Page 206 and 207: IDESCAT (2013), based on data from
Page 208 and 209: the sample represents 20.8% of its
Page 210 and 211: No opinion Increase the centralisat
Page 212 and 213: sioners, business people and/or the
Page 214 and 215: Impact on the Catalan economy In th
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Page 218 and 219: More specifically, 94.6% of pension
Page 220 and 221: 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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