Ladies and gentlemen, good morning.
I should like to start by thanking the president of the Lawyers' Mutual Society, Enrique Sanz, for his kind invitation to deliver the closing address to this third economic-insurance meeting. It is an honour and a pleasure to participate in this event and to share with you some reflections on the economic outlook for the immediate future and, especially, on the main medium and long-term challenges facing the Spanish economy. The degree of vulnerability of the Spanish economy to possible shocks and, ultimately, the well-being of the Spanish people will largely depend on how the economy's main structural problems are addressed.
The economic situation
The international economic environment in which the Spanish economy operates has become more unfavourable over the past year, with a slowdown in growth and, in particular, in international trade.
