The Independent Authority for Fiscal Responsibility (AIReF) published today the first report assessing the Annual Progress Report on the Medium-Term Fiscal and Structural Plan (PFEMP), which replaces the Stability Program Update in the new European framework of fiscal governance.
AIReF assures that the Report complies with the European Commission’s guidelines, but it only updates the fiscal forecasts up to 2025 and the macroeconomic forecasts up to 2028. This lack of ambition in the content reduces the medium-term orientation of fiscal policy and makes it difficult to identify ex ante the risks of deviations from the commitments and forecasts included in the PFEMP.
