The Independent Fiscal Responsibility Authority (AIReF) has published its second Opinion on Fiscal Risks, in which it expands upon the analysis begun in 2025 on macroeconomic, environmental, and legal risks and broadens its scope to two new areas: public guarantees and public enterprises.
AIReF makes recommendations in each area to improve risk management and reiterates the importance of preparing a comprehensive fiscal risk report that identifies the main risks, assigns probabilities of occurrence, quantifies their impact, and incorporates a mitigation strategy. This report should also be integrated into budgetary planning instruments, such as the Medium-Term Fiscal and Structural Plan, its updates, the General State Budget, and the Budget Plan.
