NEWS

AIReF President Cristina Herrero appears before the Congressional Finance Commission

04 June 2020

Cristina-Herrero-presidenta-de-la-AIReF

ACCESS THE AIREF PRESIDENT’S PRESENTATION TO THE FINANCE COMMISSION Only available in Spanish

ACCESS THE VIDEO OF THE AIREF PRESIDENT’S APPEARANCE Only available in Spanish

The president of the Independent Authority for Fiscal Responsibility (AIReF), Cristina Herrero, appeared today before the Finance Commission of the Congress of Deputies to give her view on the economic and budgetary situation, at the request of the parliamentary groups PP, ERC, Vox and Ciudadanos

During her appearance, Cristina Herrero gave an in-depth analysis of the macroeconomic and fiscal situation in the current context of high uncertainty marked by the COVID-19 crisis, in line with the progress made in the Report on the Stability Programme Update  (SPU) 2020-2021, presented by the institution on 6 May.

Furthermore, she reviewed the evolution of the situation since the publication of this report, which confirms the macroeconomic analysis carried out by AIReF and entails a slight revision in the deficit forecasts in the light of the new measures adopted (Minimum Living Income, extension and modification of the ERTEs (Temporary Redundancy Plans) and transfers from the Administración Central (Central Administration) to Social Security) and the new information on the implementation of measures and data on budgetary execution and the evolution of collection.

AIReF’s president also reviewed the recommendations included in the report, which are still relevant and timely, and which include the activation of the exceptionality clause contemplated in the Organic Law on Budgetary Stability and Financial Sustainability, which must be approved by Congress; as well as the implementation of a medium- and long-term Rebalancing Plan to guarantee the sustainability of public finances.

Finally, Cristina Herrero highlighted the need to take advantage of the debate on recovery plans to thoroughly reflect on the institutional fiscal framework and the territorial system, the quality of public spending, contingent liabilities and reforms in the face of an ageing population. In addition, she announced that today the institution has published the stability monitoring fact sheets on its website (only available in Spanish), which, from now on, will include a detailed analysis of the measures that are being adopted to deal with COVID-19.

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