Lago Peñas, Santiago

Spanish fiscal policy in an EU context: The transition back to normal

Although Spain recorded a fiscal deficit in 2022 that was worse than expected, lower extraordinary fiscal support measures, together with upside surprises in GDP and employment, make attainment of the 2023 deficit target look feasible. Going forward, any sound fiscal consolidation strategy for Spain should contemplate that the country’s high structural deficit requires gradual but unflagging and urgent correction.

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Regional government debt: Recent trends and outlook

Despite having one of the most advanced fiscal rule frameworks in Europe, Spain remains the OECD country where regional governments’ debt has grown the most since the Great Recession. Even in the context of more difficult financing conditions at present, it will be important to address existing challenges to the extraordinary regional financing mechanisms, while adapting the current fiscal stability framework to the new European rules.

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Think tank dedicado a la investigación económica y social

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