The Economy of Catalonia

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element of coercion and intimidation that prevented an open debate and the expression of the interests and desires of the Basque citizens. Paradoxically, in the face of a peaceful, democratic process like the one initiated by Catalan society, the very same establishment uses all available means and acts on all possible fronts, with one aim: to deprive Catalans of the possibility freely to decide their future without unjustified coercion, threats or fears. Bibliographical references Avery, G. (2012): «The foreign policy implications of and for a separate Scotland», Document HC 643, British Parliament. http://www.publications.parliament.uk/pa/cm201213/cmselect/cmfaff/writev/643/ m05.htm European Central Bank (2011): «The implementation of monetary policy in the Euro Area», Guideline of the European Central Bank of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem (ECB/2011/14). http://www.ecb.europa.eu/ecb/legal/ pdf/02011o0014-20130103-en.pdf 92 The Economy of Catalonia
4.2. In or out ofthe euro: certainties and uncertainties Miquel Puig (Translated by Miquel Strubell) Introduction The aim of this paper is to make a reasoned analysis of the consequences that Catalonia’s independence would have on its currency, distinguishing between those that we can be reasonably confident about and those that depend on decisions about which any forecast will be basically subjective. Essentially, I think the element of discrimination is whether or not they affect non-Spanish economic interests. Independence framework I will suppose that the independence of Catalonia takes place in an institutional framework similar or identical to the current one, i.e., Spain is integrated in the European Union and the euro. I will further suppose that the political parties that lead this independence of Catalonia pursue maximum integration of the new country in the EU, and keeping the euro as its own currency. In or out of the euro 93
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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
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 and 84: In my opinion, an impartial reading
Page 85 and 86: 4 In or out of the euro 4.1. An ind
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: arising from the integration of a h
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
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
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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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