The Independent Authority for Fiscal Responsibility (AIReF) has to report on the content of the 2022-2025 Stability Programme Update (SPU), in terms of both the macroeconomic forecasts and its fiscal scenario, in compliance with the mandate of Articles 14 and 16 of Organic Law 6/2013 on the establishment of AIReF. Previously, on April 29 th, AIReF endorsed the macroeconomic forecasts of the SPU, warning of the existence of significant downside risks arising from the current economic context.
The SPU is, in theory, the medium-term national fiscal plan required by European regulations. However, once again, the SPU sent to the European institutions is far from being the medium-term fiscal strategy that AIReF has recommended that the Government should draw up on numerous occasions