As the economy continues to slow amid the financial crisis to its worst domestic recession for more than 50 years, Spain is looking for alternatives to rebuild its financial system. The country’s Prime Minister José Luis Rodríguez Zapatero has released his own blueprint for a sustainable economy as unemployment rates are trickling to almost 20% and the economy is expected to continue its downward spiral this year. His plan will involve investing more into the renewable energy sector and biotechnology.
Spain is concerned with leading by example. Zapatero said that he is not naïve to believe one solution can be found to fix all of Europe. "Spain’s role here is about steering the EU towards a new economic model, mediating where there is conflict on issues such as regulation and finding common ground among member states. In part, it should be about reviving the spirit of the Lisbon treaty," Zapatero said.