The Directorate General for Economic and Financial Affairs of the European Commission has sent a letter to the General Secretariat of the Treasury, as representative of Spain in the Economic and Financial Committee, acknowledging receipt of the draft Budget Plan sent by the Spanish Government.
Unlike previous years, when the letters were signed by the Vice President and the Commissioner and sent to the Minister of Economy, it is a technical document that requires certain information in order to facilitate the analysis of the services of the Commission.
This paper notes that the Spanish Budget Plan contemplates a structural adjustment of 0.4 pp which, although it is below the 0.65 pp recommended by the Community institutions, is within the flexibility margins provided by the Covenant of Stability and Growth. The Spanish Budget Plan complies with community stability standards and contemplates for 2019 a 0.9 pp reduction in the AAPP deficit, a primary surplus of 0.6% of GDP, a structural adjustment of 0.4 pp and a reduction of public debt of 1.5 pp of GDP.
The additional information requested will be sent to the European Commission within the deadline. This information includes, for example, the inertial budgetary scenario for “constant policies” or the detail of the draft bills adopted today in the Council of Ministers. This information will allow an adequate assessment of the Budget Plan by the Commission services.
