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AIReF Rejects Spain's Fiscal Plan

Spain's Fiscal and Structural Plan is criticized by the AIReF for lacking detail and sufficient measures to meet EU deficit and debt reduction goals.

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Spain

European UnionInternational TradeFiscal PolicyEu RegulationsGovernment DebtEconomic PlanningBudgetary Control

Airef (Independent Authority For Fiscal Responsibility)European CommissionSpanish Ministry Of Finance

Cristina HerreroMaría Jesús Montero

Why is the AIReF's opinion on the Spanish plan considered significant?: The AIReF's rejection is significant because the institution is a key reference point for the European Commission in evaluating Spanish fiscal plans. The AIReF's assessment casts doubt on the government's ability to meet EU fiscal rules without further action.
What are the main criticisms of the plan outlined in the AIReF's report?: The AIReF's report criticizes the Spanish government's plan for its lack of specifics, especially beyond 2024, and for not including detailed macroeconomic information or specifying measures to meet the deficit and debt targets. This lack of detail marks a step backward from prior years.
What concerns did the AIReF express regarding the plan's development process?: The AIReF criticized the lack of "co-governance" in the plan's creation, noting the absence of involvement from regional administrations, parliamentary discussion, and AIReF participation in the preparation process. This contrasts with processes in other countries.
What is the AIReF's assessment of Spain's Fiscal and Structural Plan submitted to the EU?: Spain's Fiscal and Structural Plan, submitted to the EU, has been rejected by the AIReF (Independent Authority for Fiscal Responsibility) for lacking detail and insufficient measures to reduce public debt sustainably. The AIReF highlighted that the plan is more of a political commitment than a concrete mid-term fiscal strategy.
What are the differences in spending projections between the AIReF and the Spanish government?: The AIReF projects higher average growth in net spending (3.6%) than the government (3%) between 2025 and 2031. The AIReF believes that additional, unspecified measures will be needed after 2026 to achieve the plan's goals. Even with projected revenue, reaching the spending goals doesn't guarantee debt and deficit reduction.

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