2012 and 2013: Two fundamental years for fiscal consolidation

2012 and 2013: Two fundamental years for fiscal consolidation

Fecha: enero 2013

Autores: Ángel Laborda, María Jesús Fernández

Etiquetas: Consolidación fiscal, Crisis económica, Política fiscal, Coyuntura económica, Previsiones económicas

Spanish and International Economic & Financial Otlook, SEFO, V. 2 N.º 1

The deterioration of Spain’s public accounts and investors’ loss of confidence are among the most visible effects of the economic crisis. Although there is disappointment at falling short of fiscal targets, consolidation efforts in 2012 have been significant and it is likely that the same will be true in 2013. Further acceleration of the adjustment rate, particularly if this involves additional tax increases, could seriously damage the productive fabric and the financial system, which will not help in restoring investor confidence. On the other hand, greater involvement of European institutions and additional structural reforms may not yield visible results in the short term, but will contribute to long-term sustainability of public accounts while helping to raise confidence levels.

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