Fiscal rules
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July 2, 2024
Spain | Fiscal Watch. July 2024
The surprise at the end of 2023 introduced a positive bias in deficit forecasts for 2024. Improved activity and the withdrawal of measures to mitigate rising prices could bring the public deficit below 3% of GDP. Fiscal improvement in 2025 will depend on new fiscal rules.
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June 24, 2024
The economic outlook of Portugal and Spain, and their long-term ageing challenge
This presentation, delivered on the 10th anniversary of the BBVA Pension Institute in Portugal, analyzes the economic forecasts for Portugal and Spain, and the challenge of long-term aging of their population, as one of the challenges facing public systems pensions in Europe.
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May 3, 2024
Spain | The return of austerity
Spain has committed to undertake a huge fiscal adjustment over the next few years. While the impact on the economy will depend on its composition, evidence suggests that it may be significant. Even if this is not the case, it will create social tension.
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January 19, 2024
Spain | Fiscal Watch. January 2024
2023 deficit estimate remains at around 4,1% of GDP. In 2024 with the prolongation of the Central Government Budget and part of the anti-crisis measures, the deficit would be reduced to 3.7% of GDP. This scenario points to a smooth downward path in public debt ratio to 105% of GDP.
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October 10, 2023
Europe | New tax rules in the EU
The COVID-19 crisis and the aftermath of the war in Ukraine have left a legacy of ballooning public debt levels and structural fiscal deficits higher than those existing in 2019 in many EU countries. Reducing them to avoid greater evils will be a crucial and ambitious task in the coming years.
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May 29, 2023
Europe | (Fiscal) Rules vs discretion
The rules versus discretion debate is back on the table, focusing not only this time on monetary policy (where central banks are having a hard time convincing the markets that inflation will return to target), but also on the reform of European fiscal rules.
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January 9, 2023
Spain | The return of tax rules and their enforcement
Spain must combine fiscal consolidation and budgetary stability with growth. It must increase the weight of productive public expenditure over total public spending and improve its efficiency, as a strategy for inclusive progress, in order to reduce inequality with the creation of quality jobs and greater productivity.
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November 21, 2022
Europe | Rethinking the fiscal rules
Since the beginning of the pandemic, the performance of the key economic indicators has been disrupted, particularly in terms of the sharp swings in activity and now the persistence of inflation. Policy priorities have also been strongly affected.
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