Joaquín Estefanía
Born in 1951, Joaquín Estefanía was editor in chief of business journal Cinco Días before joining El País as director from 1988 to 1993. He now writes a daily column on the economy for the Spanish daily. He is a graduate in economy and journalism.
At the G8 in Camp David, the richest countries have agreed to boost growth, particularly in Europe. This requires a radical change in tack from the austerity policies pushed so far. Are the leaders ready? 
In the midst of deep recession and massive unemployment, with a higher than expected deficit and a general strike round the corner, Spain – despite reforms and deep budget cuts – is struggling to emerge from the crisis and is causing new concern within the euro area. 
The Competitiveness Pact has been rebranded the “Euro Pact”. The new name comes along with a form of economic governance to be established, but it doesn’t mean any easing of austerity, El País notes. 
The competitiveness pact put forward by Angela Merkel and Nicolas Sarkozy to end the crisis is ambitious, but threatens the social traditions of most European countries, warns El País. 
Most governments in EU member states are from the right, but implement Keynesian inspired economic policies. Political forces in the EU must transcend differences and agree on a means to face up to the crisis.