European stimulus plan for biotechnology
Madrid – A new European stimulus plan to revive the economy should focus on the two areas of biotechnology and the green economy, announced Spanish Prime Minister José Luis Rodríguez Zapatero. Mr. Zapatero said he would use Spain's EU presidency, which begins in January, to press the region to follow this agenda. Also, Europe should wait until this summer to see if the current round of spending measures and tax cuts has any effect. If it doesn't, Europe should coordinate new spending and focus on two areas that he views as key to the region's future: the "green economy" and biotechnology. Spain would be happy to set the example. If current measures fail, said Mr. Zapatero in an interview with foreign newspapers, "Spain has the capacity" for a new fiscal boost. "We are going to have a (fiscal) deficit, but we have plenty of room on the debt." Mr. Zapatero said his government would also seek to boost Spain's lagging competitiveness by reforming investment in research and development, and by reforming the education system.