Jonathan House: "The euro crisis is a political as well as an economic crisis".
The Wall Street Journal correspondent stated that "institutional failures have led to the current economic divergences".
Jonathan House, news agency correspondent 'Dow Jones Newswires' y 'The Wall Street Journal' in Madrid, visited the University of Navarra, where he gave a session of the seminar of Economic Information of the School of Communication.
An expert on issues related to the financial sector and Spanish economic policy, he stated that"the euro crisis is a political crisis as well as an economic one. Institutional failures in the construction of the euro have given rise to the current economic divergences."
In this sense, he pointed out that "the northern countries, more competitive than those in the south, have eaten their market," which explains the creation of debt. "Not all countries are equal in the application of the euro" he declared. He also alluded to the "lack of a control and transparency mechanism", something that, as he said, France and Germany are taking care of. "It will happen because Brussels will take control of the accounts. A cession of sovereignty instead of the approval of measures in the Cortes, and the massive financing of the European Central Bank to the countries through the purchase of debt bonds."
With respect to Spain, he said that "abroad it is seen as a country that works better than Greece and Italy. These countries promised many things and did few". Despite the difficulties we are going through, he added, "we perceive that there is a great desire to remain in the euro and to do whatever is necessary to achieve this, and this is a reason for optimism". In his opinion, "we have to make Spain more competitive by applying measures; then new industries will be born".
Processes of work
Jonathan House explained to the students of the University of Navarra the processes of work at the Dow Jones news agency and The Wall Street Journal. He emphasized that "at the agency work , speed is paramount. We are measured against competitors, Reuters y Bloombergby the second. In the same way, he exposed the technique of work agency that "starts with the headline upload, which is compared in speed with other agencies, then the content is added and updated over time".
Jonathan House expressed that "many improvements have been seen since Murdock, 'News Corporation' magnate, took over 'The Wall Street Journal'. It is now more newsworthy, the news is shorter and easier to read". Finally, he stated that "this newspaper is the best-selling in the U.S. with a circulation of 2,000,000 copies" and assured that "the economic crisis has helped us because what is in demand now is economic information".