José Maria Aznar, former Spanish Prime Minister, has visited London to present his solutions to the financial crisis to an audience of businessmen and policy-makers.   In the speech, hosted at the National Liberal Club in Westminster and sponsored by City foreign exchange firm Currencies Direct, the former leader of Spain’s Popular Party (Partido Popular) highlighted the ‘irresponsible behaviour’ of the international banking community and insufficient regulation by national governments.   Mr Aznar, who was Prime Minister of Spain for eight years until 2004 and architect of Spain’s most significant period of economic growth, discussed how Europe, and Spain in particular, must react to recover from the worst global economic crisis since the 1930s. He said policy makers and the international financial community must act collectively to safeguard the future of the global economy and Spain can play a central role in this.

Mr Aznar’s ideas form the centre piece of his new book, “Spain can escape the crisis” (Espana puede salir de la crisis). The event was organised by a branch of the Spanish Popular Party in the UK and chaired by Lord Garel-Jones- a former Conservative minister, a Director of Iberia and a life peer.  Mr Aznar asserts in his book that the crisis hit Spain hard due to a combination of political, social and moral factors. He believes that ultimately the crisis is not so much economic, but political and therefore the solution should be equally political. In his speech the former Prime Minister said: "Now is the time for leaders to make decisions. It is no time for short-sighted politicians who cannot see beyond the end of their nose.” He also called for leaders to “Liberalise the economy, privatise businesses and initiate working reforms” During his premiership Spain introduced the euro and by 2001 had overtaken Italy as Europe’s fourth largest economy.   After leaving office Mr Aznar became President of think tank “Foundation for Analysis and Social Studies” (FAES) and teaches contemporary European politics and trans-Atlantic relationships at Georgetown University, in Washington DC, USA.   Managing Director of sponsors Currencies Direct, Ignacio Hernandez said:  “Currencies Direct was proud to sponsor the event. Former Prime Minister Aznar’s experience and academic acumen offered insightful analysis into the factors leading up to the crisis in Spain and credence to his solutions to escape it.”