Spanish Ambassador Luis Arias Romero zeroed in on the European sovereign debt crisis to talk up the financial health of the debt-ravaged Spanish economy during a reception celebrating his nation’s National Day on Oct. 12 in Seoul.

Romero said Spain’s financial stability is “guaranteed” because of steps already taken to strengthen the European Union and on account of financial reforms enacted in Spain by the conservative People’s Party with its parliamentary majority.

Korea, which has an export-driven economy, is particularly skittish about the health of the Spanish economy, and of Europe in general, repeatedly urging Europe to get its financial house in order.

“The strength of the existing parliamentary majority allows my government to push forward economic reforms,” Romero said in welcome remarks during the reception.

He cited “rational recapitalization” of Spanish banks, fiscal consolidation and “tough measures” aimed at cutting the number of civil servants and other labor market reforms, as well as “the deregulation of the service sector” in general.

EU countries recently struck the so-called “Stability and Growth Pact,” which increases the supervisory power of the European Central Bank.

On the EU strengthening measures, Romero said there is “strong political will” at the European Council “to deepen further on banking and fiscal union.”

Spain’s Oct. 12 National Day was borne out of a compromise between conservatives who wanted to celebrate the monarchy and republicans who wanted a day to celebrate the nation’s bourgeoning democracy.

The name of Spain’s National Day changed to “Fiesta Nacional” with Oct. 12, 1987, becoming one of its two national celebrations along with Constitution Day on Dec. 6.

On bilateral relations, Romero said Spanish President Mariano Rajoy Brey’s visit to Korea in March for the international Nuclear Security Summit, his first to an Asian country and just three months after becoming president, demonstrated the strategic importance of Korea to Europe’s fourth-largest economy.

More than 100,000 tourists from Korea traveled to Spain in 2011, a tenfold increase over the last 10 years. Trade volume stands at about $3 billion in 2011, tilting slightly in Korea’s favor.

Romero also pointed to military relations.

“Our Euro fighter industry is willing to transfer the relevant technologies to support the development of the KF-X, Korea’s new indigenous fighter project,” he said.

By Philip Iglauer (ephilip2011@heraldcorp.com)