Spain will delay the submission of its budget draft to Brussels --[Reported by Umva mag]

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Luxembourg/Brussels – Spain will delay the submission of its draft budget to the European Commission until after October 15, when it will submit its medium-term structural fiscal plan in line with its commitment to Brussels to comply with the new EU fiscal rules.

 “The Commission has indicated that it wants budgetary plans that are not without measures, that is, that they are associated with the presentation of the General State Budgets (PGE), therefore, the presentation of the budgetary plan is obviously directly associated with the progress we can make in the presentation of the PGE,” explained Spain’s Minister of Economy, Trade and Business, Carlos Cuerpo, on Monday.

In statements to the media in Luxembourg, where he participated in the meeting of Eurozone economy ministers, the Spanish minister stated that he has the “certainty and commitment” with the European Commission to launch his structural fiscal plan on October 15, although he will delay the submission of the draft budget to avoid delivering an extension that does not include the measures requested by Brussels.

“In a normal environment where by October 15 we do not have this PGE draft, we would have submitted a budgetary plan without economic policy measures and that is not going to happen because the Commission has requested that plans be submitted with economic policy measures, so until we have the draft budget on the table, we will not submit the budgetary plan,” he emphasized.

Cuerpo also pointed out that, for its part, the European Executive has “until the end of November to evaluate the structural fiscal plans.”

For its part, the European Commission warned Spain that there are “limits” to the flexibility in the deadlines that governments have to submit their draft budget for 2025, which must complement medium-term structural fiscal plans to comply with the new fiscal rules reactivated after four years of pandemic.

This was pointed out by the European Commissioner for Economy, Paolo Gentiloni, who indicated that it is not possible to lose the connection between the budget project and the medium-term structural plans, as “both have to be connected and this means that the level of flexibility in the deadlines is there, but it is limited.” (October 7)

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