Mr. Carlos Martínez Mongay:

There are many issues mixed up here. On the one hand, when we talk about monetary policy and the diminishing industrial base, we are talking about two different matters. One is about monetary policy which is about a commodity. It is the right policy. I would not like to comment on monetary policy because the European Central Bank is fully independent. The other problem the Deputy is referring to is, perhaps, an issue of competitiveness. It is to what extent productivity in certain countries is too low compared to the level of wages. Accordingly, these countries are losing competitiveness and, in turn, are losing certain industrial activities in which labour costs are important. This is totally different from the monetary policy stance.

Concerning the leeway in the current circumstances, for countries in which GDP growth is not strong, the monetary policy is most adequate for them simply because growth is low and, therefore, monetary policy is accommodated. The problem is not with monetary policy but, for some countries, the need to enact the structural reforms which enhance productivity and, therefore, allow for high living standards.

There is uncertainty around Brexit. We do not even know when Article 50 will be activated, how it will be activated and how the negotiating process will work.