Ingrid Gutierrez
9:52 – 15/12/2014
- Growing pressure on Finance to enforce the Stability Law
Minister of Finance and Public Administration, Cristobal Montoro.
The Ministry of Finance could convene this week to autonomy for the last meeting of the Council of Fiscal and Financial Policy (CPFF) this year. At least initially, the Department headed by Cristobal Montoro had raised the first half of December as a key date for that meeting.
In any case, the next regional summit will not be easy. The Government shall give approval to plans rebalancing of five of the six regions that last year failed in their asymmetrical deficit target. This, at a time when organizations such as the Independent Authority Fiscal Responsibility (trade show) has urged the executive to implement the mechanisms under the Fiscal Stability Law to ensure that the autonomous meet their commitments.
“There is almost certainty deviation in the autonomous communities of Extremadura, Catalonia, Valencia and Murcia and high risk of bias in Castilla La Mancha, Andalusia and the Balearic Islands,” warned the Authority in its latest report presented ago only weeks in Madrid.
In the last regional conclave, held in late July, a single regional government managed to pass the sieve of Finance with economic-financial plan presented. It was, in particular, Aragon
Plans rebalancing
Now it examine new adjustment measures introduced. Murcia, which closed the year with a 2.37 hole (compared to 1.59 demanded), Valencian Community (which exceeded its limit of 1.6%, in dismissing year with a deficit of 2.33%), Castilla-La Mancha (with a 2.13% against its stop 1.3%), Navarre (whose balance was 1.55%, when it had imposed a limit of 1.2%) and Catalonia (with a hole of 1.96% and level of tax imbalance of 1.58%). This year all the CCAA should reduce red numbers up to one percent of GDP.
The Secretary of State for Public Administration, Antonio Beteta, also recently said that the meeting would serve to analyze measures liquidity and negative returns. However, the real challenge of Minister Cristobal Montoro will launch a strong enough message on delinquent autonomy. Some claim that the Government put in place and the actions foreseen in the law and derive ultimately, in the intervening region that consistently fails.
Will reformist
The key also be in the will to redirect their imbalances that demonstrate the regional executives in how far they are willing to take the necessary steps to consolidate their accounts. It is not a simple issue.
close to Government sources explained that Catalonia is among the least predisposed to adopt in its territory savings and cost containment as recommended to the State by the Commission for the Reform of the Administration (Cora) autonomies . That degree of acceptance barely half in the case of Andalusia, while other 14 autonomous communities have themselves taken over more than 80 percent of those initiatives.
The communities must make a major effort the year coming when the deficit will be reduced to 0.7.
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