In Spain, I would half, at least, the capital requirements for banks when lending to risky small businesses and entrepreneurs.

Sir, if Spain cannot target too much its fiscal budget on growth and job creation, then it must allow others to do so. In your “The many crises confronting Spain”, September 28, you hold that “some of the non-budgetary measures – such as energy liberalization and educational reform should bring about a healthier Spanish economy once the crisis is over” “Once the crisis is over”, is of course good but clearly not sufficient. 

No, if I was responsible for Spain I would immediately half, at least, the capital requirements bank need to hold when lending to “risky” small businesses and entrepreneurs, those who stand the best chance of being the creators of the next generation of Spanish jobs. 

And that I would do in the knowledge that bank lending to these “risky” have never ever created a major bank crisis, only excessive lending to the “absolute safe” like real estate, AAA rated clients and “infallible sovereigns” has cause that. 

And just the fact of explaining the true causes of the Spanish crisis, namely that bank regulators allowed the banks to lend excessively to the “not-risky” without much bank equity, could also help to create the understanding required for the consensus needed.