This Bank of Spain considers fiscal rules to be “fundamental” in the monetary union. and one of the countries “prudent” fiscal policy and reforms to increase their efficiency and guarantees the sustainability of its debt so that it has more financial room to deal with the next crisis.
Recalling the European Commission’s latest proposal for a reformed fiscal rules framework, the agency considers an improvement to be “welcomed” in its report ‘The European Period 2022 and the Mechanism for Recovery and Resilience’, released this Thursday.
Banco de España notes that the lessons learned from policy responses to the recent economic upheaval, including the relationship between investment and reforms under the Recovery and Resilience Mechanism, form the basis for the Commission’s proposal for a reformed tax rules framework.
“Reform proposals are also at certain levels. Public debt higher and, in particular, the need to facilitate investment in common EU priorities to ensure ecological and digital transitions and energy security in the years to come.
In conclusion, the Bank of Spain underlined the fact that the comprehensive reform plans supported by the Recovery and Resilience Mechanism had been at odds with the “weak reformist drive” of the European Era over the last decade and seemed more successful in harmonizing. EU’s political priorities and national political plans.
In this sense, he stated that the European Period and the implementation of the Recovery and Resilience Plans frame the coordination of EU policies.
As the Bank of Spain reminded, as a result of the pandemic and to adapt to the ever-changing context, the European Semester has undergone a major restructuring that seeks to avoid overlap and eliminate unnecessary administrative burdens arising from the implementation and implementation of the Recovery and Resilience Mechanism. .
Source: Informacion
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