Olli Rehn, the European Commissioner for Economic and Monetary Affairs said Thursday that Spain's comprehensive reform plan matches and in some aspects exceeds EU recommendations. Rehn afforms that the plan is comprehensive and well focused, and the implementation of independent fiscal council to control the targets is “particularly” welcomed. "The reforms are clearly targeted at some of the most pressing policy challenges. Further enhancing the flexibility of product and labour markets will indeed be critical to boost growth and employment and to support fiscal consolidation," Olli Rehn said in a statement.
The comments appeared after the Spanish government budget plan for 2013 and package of economic reforms presentation that renewed worries about Spain in financial markets.