The Independent Authority for Fiscal Responsibility (AIReF) today published the Report on budget implementation, public debt and the expenditure rule for 2025 across the various public administrations (AAPP), a key report in the national fiscal oversight cycle, which aims to identify in advance any risks to compliance with the fiscal rules for the current year so as to prevent them from materialising, where appropriate.
AIReF warns of inconsistencies between the European and national fiscal frameworks. In fact, it estimates that compliance with the national expenditure rule at central government (AC) and autonomous community (CCAA) levels would require additional measures totalling nearly 11,000 million in 2025, but would result in over-compliance with the European rule.