SPAIN: Tick, Tock … Tuck? – EntornoInteligente

SPAIN <- - AUGURE_NOTICIA_INICIO!>: Tick, Tock … Tuck / World / The Minister of Finance and Public Administration, Cristobal Montoro, has sent a letter to the Independent Authority Fiscal Responsibility (trade show) formally requesting a report on the objectives of individual fiscal stability of each region for 2016 depending on your situation. With this report, the trade show established within 10 days, the Executive will attend the meeting last week of July the Council of Fiscal and Financial Policy which shares the 17 regions and the Ministry of Finance. This does not mean that the Government chooses aa letter selective objectives set in 2016, as happened in 2014, and was also breached. But it is an option. Thus, the deficit would overlap compliant with not meeting in a year will receive an additional $ 10,000 million for the settlement of payments on account of two years ago when the economy grew more than expected.

Budget Stability Law is the first time that the trade show will prepare such reports. According to sources in the body, this is provided for in the law of budgetary stability. According to the Resolution on the methodology adopted last week, the subject of this report is part of the initial analysis of the ministry for “setting the objectives of stability of each of the CCAA in the period 2016-2018″.

According to this resolution “traditionally” the Government, except some point exception (2013), has chosen to establish the goal of individual stability for each community “equal to the target sub-assembly.” While this approach has the advantage of simplicity, “he has the drawback of not taking into account the initial situation of each community.” Which leads, according to this text, “a hard setting achievable goals, repeatedly breached, causing problems of credibility on the framework for budgetary discipline”. For this reason, the trade show held a first analysis in terms of fiscal effort to be made by each region considering that in 2018 all have to achieve a balanced budget.

As reported on Friday the Authority, 2015 is I lost one year to the deficit regions. Again, they will default whole target set at 0.7% against 1.7% last year. The deficit will end up at 1.2%. Sees risk of diversion into 11 regions, and at least five not meet in 2016 (Balearic Islands, Catalonia, Extremadura, Murcia and Valencia). In this regard, he called for an effort to 2016 and the financial plans conform to the reality of these regions.

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