The Economy of Catalonia

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Bibliographical references Amat, O.; Feito, J. L.; Fernández, D.; Pich, V.; Polo, C.; Semur, A.; Trigo, J. and Tugores, J. (2013) «La cuestión catalana, hoy», Instituto de Estudios Económicos (IEE), Madrid. Avery, G. (2012) «The foreign policy implications of and for a separate Scotland», Document HC 643, British Parliament. Her Majesty’s Government (2013) «Scotland Analysis: Devolution and the implications for Scottish independence». Her Majesty’s Government (2013) «Scotland Analysis: Business and microeconomic framework». 82 Economia de Catalunya
4 In or out of the euro 4.1. An independent State and the euro 10 Jordi Galí (Translated by Miquel Strubell) Introduction A major uncertainty regarding the eventual establishment of a Catalan state is its fit inside Europe. Specifically, many Catalans wonder if this new scenario would be compatible with continuing to enjoy the economic benefits (and, of course, suffering from the disadvantages as well!) associated with our current status of citizens of a member state of the European Union (EU) and the Eurozone. The article «Europe Oh Europe» by the Wilson Initiative (www.wilson. cat) dealt some time back with the implications of having a State in relation to the fundamental economic rights guaranteed by the EU: the free movement of goods, capital and people. The aim of this paper is to analyse different scenarios as regards the use of the euro in a hypothetically independent Catalonia and the enjoyment by its residents of the benefits linked to the Eurozone. 10. An earlier version of this paper was published as GALÍ, J. (2013) «Estat propi i euro», Col·lectiu Wilson (blog), 19 March. (“An independent State and the Euro” Wilson Initiative) 83
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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
Page 34 and 35: also be confronted with the paradox
Page 36 and 37: the reasons that are emerging for a
Page 38 and 39: This 47.1% signifies a considerable
Page 40 and 41: 2005 2006 2007 2008 2009 2010 Estim
Page 42 and 43: and there would be no need for cuts
Page 44 and 45: centage of freight between Spain an
Page 46 and 47: to prevent Spain’s point-blank re
Page 48 and 49: ) The effects on markets, especiall
Page 50 and 51: speak of the coefficient of central
Page 52 and 53: Bibliographical references Amat, O.
Page 54 and 55: Rodríguez Mora, J. V. (2012) «Por
Page 56 and 57: For the purposes of economic analys
Page 58 and 59: It should also be recalled that the
Page 60 and 61: The reasons for regional economic i
Page 62 and 63: their mind» about European integra
Page 64 and 65: the Copenhagen criteria, which esta
Page 66 and 67: in the European Economic Area, whic
Page 68 and 69: ing the status of member of the Uni
Page 71 and 72: 3.2. In or out of the European Unio
Page 73 and 74: were to veto the request, experts e
Page 75 and 76: In November 2012, Granell expressed
Page 77 and 78: -The regulatory fragmentation that
Page 79 and 80: would have to find alternative solu
Page 81 and 82: economic shocks, any one of which,
Page 83: In my opinion, an impartial reading
Page 87 and 88: Analysis of possible scenarios Scen
Page 89 and 90: official currency and financial ins
Page 91 and 92: nisms and the European interbank pa
Page 93 and 94: arising from the integration of a h
Page 95 and 96: 4.2. In or out ofthe euro: certaint
Page 97 and 98: 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
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and to the private sector. Another
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2006 2007 2008 2009 Direct taxes 17
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method, that is to say, the expense
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itory. The same applies to the prog
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2006 2007 2008 2009 Spanish State e
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e obtained. Table 3 shows that the
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with the EU in the period 2007-2013
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8 Debt and distribution of assets 2
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this study. The difference between
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the State’s property and debts on
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It may be asked whether the new Cat
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The main source of International La
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Principles of distribution of asset
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Immovable property of the State con
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Social Security Reserve Fund On con
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Investments according to Additional
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Forecasts Million euros 2007 2008 2
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Possible negotiation scenarios What
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Even if it were only possible to ev
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States that form part of 21st-centu
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Spanish Royal Decree 496/1987, of 1
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Social Security contributions, pens
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ury and its managing agencies (auto
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citizens tend to join the labour ma
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in the economic, social and cultura
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declaration of independence, the bo
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oycott would have a more pronounced
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the will of the people. The great m
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Guinjoan, M. and Cuadras, X. (2011)
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Denmark, Finland, Austria, the Neth
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2012 Company Sector Sales (€m) 1
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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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