Victor Gill // Five Days / The European Commission plans to formally Spain apperceive today by the serious risk of failure to meet the public deficit targets in 2015 and 2016. This is the first announcement of a record that could lead to sanctions if the caretaker government does not comply with the recommendation from Brussels to balance the books as soon as possible.
the Spanish Government has been shielded so far in his interim status to avoid warnings EC on the failure of the deficit targets and delay adjustments, according to Brussels, needed to balance the accounts. But since the reform of the Stability Pact following the crisis, the Commission has a broad disciplinary arsenal. And it has decided to use it and with Spain, after two and a half months waiting for the formation of a government.
The European agency plans to send today to Madrid a warning to claim that applies strictly the Budgetary Stability Law which it allows the Spanish Government, even in functions, impose control measures spending to the autonomous communities. Treasury sources said they are already implementing rules.
Brussels had already used this route cuts remiss to ask countries like France and Slovenia. The warning set a deadline for Spain to comply with the recommendation. The Government must also submit a detailed report on the budgetary impact of the measures taken for the Commission to assess whether allow to reach or approach the deficit targets marked, especially at the structural level.
Spain pledged to close with a deficit of 4.2% in 2015 and 2.8% in 2016. and with a structural effort of 0.8% and 1.2% respectively. The Commission forecasts, however, portend a skid of six tenths in 2015 and eight tenths in 2016. In structural terms, according to the Commission, Spain not only did not meet in 2015 but even deteriorated.
The warning to Spain does not involve, for the moment, the threat of sanctions. But its failure could open the way to another recommendation with sanctions of up to 0.2% of GDP. The Spanish Economy Minister Luis de Guindos, played down yesterday significance in Brussels reprimand budding and said that the objectives will be met “if Spain continues to grow above 3%.”
Guindos said improved numerous indicators, evolution recognized yesterday by the Commission in the report on economic imbalances. Brussels no longer qualifies as excessive as in previous years, qualifying that is still hanging in the reports of France, Italy and Portugal.
The Spanish minister acknowledged, however, that “the Spanish economy is still in a situation very vulnerable “and said the main risk deteriorating situation worldwide. In this context of volatility, the Foundation of Savings Banks (Func) yesterday revised downward its growth forecast for Spain. PIBcrecerá estimated 2.7%, one tenth less than the previous forecast and three less than the growth contemplating The State Budget of the Government of Mariano Rajoy.
The turmoil and the slowdown in void global activity, the organization said, the positive impact of lower oil prices. Func indicates that the downward revision was not considered domestic political uncertainty, however, warns that is “a risk factor that could result in lower than expected growth.”
SPAIN: Brussels perceives to Spain and requires containing the regional spending
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