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欧州委員会は、スペインの財政赤字を国内総生産の3%に抑えるのを1年遅らせて1014年に見送ると発表
Bruselas da un balón de oxígeno a España en plena tormenta financiera
Rehn confirma que la Comisión propone ampliar a 2014 el plazo para rebajar el déficit al 3%
La ampliación está condicionada a que el Gobierno presente unos presupuestos convincentes
Rehn reclama al Ejecutivo un mayor control del gasto de las comunidades
Claudi Pérez / El País Bruselas30 MAY 2012 - 17:06 CET
Brussels gives a lifeline to Spain in the middle of financial turmoil
Rehn confirmed that the Commission proposes to extend the deadline to 2014 to cut the deficit to 3%
The extension is subject to the government to present a convincing budgets
Rehn calls the executive greater control of spending in the communities
Claudi Perez / The Country Brussels 30 MAY 2012 - 17:06 CET
Rehn confirmed that the Commission proposes to extend the deadline to 2014 to cut the deficit to 3%
The extension is subject to the government to present a convincing budgets
Rehn calls the executive greater control of spending in the communities
Claudi Perez / The Country Brussels 30 MAY 2012 - 17:06 CET
In the midst of financial turmoil, the market confidence at low ebb, the European Commission has given a major boost to the Spanish economy and government options to wipe the rebalancing of public accounts a severe recession environment. As confirmed by this morning the Vice President and European Commissioner Olli Rehn in Brussels asked the Spanish government will have a year later, 2014, to reduce the public deficit to 3% of GDP, had advanced as today THE COUNTRY. In return, you must undertake more reforms and fiscal consolidation measures should result, by the end of July, a "compelling budget plan" for the next two years.
The Brussels decision to give more time to the Spanish economy battered by the difficulties being suffered by the country to reduce the deficit has been one element that has managed to tackle the escalating risk premium. Following Rehn's words, this indicator, which measures the confidence of investors regarding the finances of a country, has given way to slightly below the 530 basis points when hours before had come to reach the 539 points. However, the differential is back in business and has set new records (540) after the rejection of the German Government to the proposal from the Commission that the banks can go directly financed bailout funds.
"We are ready to consider the proposal for an extension of time to correct the excessive deficit by one year until 2014," Rehn said during the press conference in which he presented the conclusions of the analysis conducted Brussels on plans stability of the partners in excessive deficit. However, it has two essential factors linked to the relaxation of the lag time for reducing the state budget from 8.9% in 2011 until it closed 3%, representing one of major budget adjustments of recent economic history.
more informationBrussels plans to open the hand with the deficitThe draft that runs on the recommendations Brussels to SpainMontoro responds that he prefers playing in indirect taxes in lieu of VAT
The first condition, Rehn explained, is that the Spanish government "convincingly present a budget plan" for 2013 and 2014, where he will be including VAT hike that has already assumed the government. He has also continued to Rehn, the more time to cut the deficit if the central government is able to curb the "excessive spending of the communities."
The EU executive has justified the change in the timing of the Spanish stability plan that is an option included in the Stability and Growth Pact has not been taken for political reasons, but because of an economic analysis of the Spanish situation. "Spain has complied with the covenants of structural reforms and if the structural deficit will not be registered for not carrying out measures," he pointed the commissioner regarding the possibility of economic decline torpedo Brussels plans to repay government sustainability of their public accounts.
According to Rehn recalled, "Spain is in a very serious imbalance, especially in the financial sector." "And this is something that must be addressed urgently," he reviewed the situation noting that it is only comparable with that of Cyprus in the EU.
The Brussels decision gives some room to Spain in the light of the difficulties to meet the deficit targets, with a guess recession longer and deeper and in the midst of the turmoil in the markets that has led to the financial reform and Bankia bizarre nationalization, which has revived the thermos to the country need to stop asking for help to rescue its banking sector.
Brussels, as picked in the draft conclusions, which has published this paper, makes recommendations to Spain in an eight-point memorandum to move forward with more flexible deadlines. This document includes measures on pensions, the financial system, taxation and implementation of labor reform, among others.
On pensions, the Commission calls for accelerating the increase in retirement age for retirement at age 67 comes into force earlier than plantedo in reform, postponing until 2027 its generalization to all trabjadores.
As for the announced increase in VAT, wants a "surge of tax bases," which could mean the sources apply the normal VAT (18%) for some products that benefited from the reduced rate (8%) or reduce the list of products that apply the super-reduced rate (4%, which was not addressed in the socialist government's fiscal reform).
Along with this, the Commission wants Spain to create a "independent fiscal institution," as happens in countries like Sweden and the UK. The goal is "to provide analysis, give advice and monitor fiscal policy and to estimate the budgetary impact of legislative initiatives." That is something that has been calling for the Bank of Spain, at least in private. It is an extension of the role of decades central banks in monetary policy, with the launch of an independent board to evaluate tax policies.
In addition, the EU executive does not want the economic team Rajoy relax in the implementation of labor reform. And in this area also requires more, with the usual language of the EU impossible. It is "increasing the effectiveness of active labor market policies" linking to "passive policies". In other words, linking subsidies to beneficiaries attending training courses, for example.
European sources explained yesterday that the main factors that have delayed the announcement of the Commission and that could derail the postponement were the lack of clarity on the banking sector and the successive upward revisions of the deficit-together with the difficulties to bridle the accounts of the communities where Rehn on Wednesday demanded more control.
The Spanish government, meanwhile, proposed in its stability plan to reduce the deficit to 5.3% of GDP at the end of this year with higher taxes (income tax and corporate) and a tax break to add almost 13,000 million to a barred recovery by the recession. Without leaving the revenue side, he anticipated another increase in VAT in 2013, just three years after the last, and a reduction in social contributions, two measures to the taste of the Commission.
On the expenditure side, it was reported by the accumulation of billionaires that are intended propinar cuts, a snip progressive in 2015, time horizon of the plan, would result in a decrease of 32,000 million.
In addition to cuts already reflected in the Budget, the Spanish plan lists the decisions taken by state government to cut spending, including decreases in salaries of public officials where no reduction in public employment, measures to control drug spending, the increase working time of teachers and class size ratios, and the closure of regional public companies.
The Brussels decision to give more time to the Spanish economy battered by the difficulties being suffered by the country to reduce the deficit has been one element that has managed to tackle the escalating risk premium. Following Rehn's words, this indicator, which measures the confidence of investors regarding the finances of a country, has given way to slightly below the 530 basis points when hours before had come to reach the 539 points. However, the differential is back in business and has set new records (540) after the rejection of the German Government to the proposal from the Commission that the banks can go directly financed bailout funds.
"We are ready to consider the proposal for an extension of time to correct the excessive deficit by one year until 2014," Rehn said during the press conference in which he presented the conclusions of the analysis conducted Brussels on plans stability of the partners in excessive deficit. However, it has two essential factors linked to the relaxation of the lag time for reducing the state budget from 8.9% in 2011 until it closed 3%, representing one of major budget adjustments of recent economic history.
more informationBrussels plans to open the hand with the deficitThe draft that runs on the recommendations Brussels to SpainMontoro responds that he prefers playing in indirect taxes in lieu of VAT
The first condition, Rehn explained, is that the Spanish government "convincingly present a budget plan" for 2013 and 2014, where he will be including VAT hike that has already assumed the government. He has also continued to Rehn, the more time to cut the deficit if the central government is able to curb the "excessive spending of the communities."
The EU executive has justified the change in the timing of the Spanish stability plan that is an option included in the Stability and Growth Pact has not been taken for political reasons, but because of an economic analysis of the Spanish situation. "Spain has complied with the covenants of structural reforms and if the structural deficit will not be registered for not carrying out measures," he pointed the commissioner regarding the possibility of economic decline torpedo Brussels plans to repay government sustainability of their public accounts.
According to Rehn recalled, "Spain is in a very serious imbalance, especially in the financial sector." "And this is something that must be addressed urgently," he reviewed the situation noting that it is only comparable with that of Cyprus in the EU.
The Brussels decision gives some room to Spain in the light of the difficulties to meet the deficit targets, with a guess recession longer and deeper and in the midst of the turmoil in the markets that has led to the financial reform and Bankia bizarre nationalization, which has revived the thermos to the country need to stop asking for help to rescue its banking sector.
Brussels, as picked in the draft conclusions, which has published this paper, makes recommendations to Spain in an eight-point memorandum to move forward with more flexible deadlines. This document includes measures on pensions, the financial system, taxation and implementation of labor reform, among others.
On pensions, the Commission calls for accelerating the increase in retirement age for retirement at age 67 comes into force earlier than plantedo in reform, postponing until 2027 its generalization to all trabjadores.
As for the announced increase in VAT, wants a "surge of tax bases," which could mean the sources apply the normal VAT (18%) for some products that benefited from the reduced rate (8%) or reduce the list of products that apply the super-reduced rate (4%, which was not addressed in the socialist government's fiscal reform).
Along with this, the Commission wants Spain to create a "independent fiscal institution," as happens in countries like Sweden and the UK. The goal is "to provide analysis, give advice and monitor fiscal policy and to estimate the budgetary impact of legislative initiatives." That is something that has been calling for the Bank of Spain, at least in private. It is an extension of the role of decades central banks in monetary policy, with the launch of an independent board to evaluate tax policies.
In addition, the EU executive does not want the economic team Rajoy relax in the implementation of labor reform. And in this area also requires more, with the usual language of the EU impossible. It is "increasing the effectiveness of active labor market policies" linking to "passive policies". In other words, linking subsidies to beneficiaries attending training courses, for example.
European sources explained yesterday that the main factors that have delayed the announcement of the Commission and that could derail the postponement were the lack of clarity on the banking sector and the successive upward revisions of the deficit-together with the difficulties to bridle the accounts of the communities where Rehn on Wednesday demanded more control.
The Spanish government, meanwhile, proposed in its stability plan to reduce the deficit to 5.3% of GDP at the end of this year with higher taxes (income tax and corporate) and a tax break to add almost 13,000 million to a barred recovery by the recession. Without leaving the revenue side, he anticipated another increase in VAT in 2013, just three years after the last, and a reduction in social contributions, two measures to the taste of the Commission.
On the expenditure side, it was reported by the accumulation of billionaires that are intended propinar cuts, a snip progressive in 2015, time horizon of the plan, would result in a decrease of 32,000 million.
In addition to cuts already reflected in the Budget, the Spanish plan lists the decisions taken by state government to cut spending, including decreases in salaries of public officials where no reduction in public employment, measures to control drug spending, the increase working time of teachers and class size ratios, and the closure of regional public companies.
欧州委員会は、スペインの財政赤字を国内総生産の3%に抑えるのを1年遅らせて1014年に見送ると発表
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