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Statement of Vice President Olli Rehn on the approval by the Spanish Government of extraordinary fiscal measures and the fiscal slippage in Spain

European Commission - MEMO/11/949   30/12/2011

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MEMO/11/949

Brussels, 30 December 2011

Statement of Vice President Olli Rehn on the approval by the Spanish Government of extraordinary fiscal measures and the fiscal slippage in Spain

Brussels, 30 December 2011 - Following the announcement by the Spanish Government of a far-reaching package of fiscal measures to be complemented by comprehensive structural reforms in early 2012 in response to the sizeable fiscal slippage expected for 2011, the Vice President of the European Commission in charge of Economic and Monetary Affairs and the Euro, Olli Rehn, delivered the following statement.

"I regret the sizable fiscal slippage relative to the 2011 budgetary target. It is all the more important now that Spain remains fully committed to the fiscal consolidation path and stays determined to correct its excessive deficit by 2013 as scheduled.

I therefore welcome the significant package of budgetary policy measures approved by the Spanish government today and to be adopted by parliament in January. Amounting to Euro 15 billion or 1.5% of GDP this consolidation package is sizable and a very important step to shore up public finances and reassure financial markets through measures concerning inter alia taxes and the reform of public administration.

The Commission will carry out a detailed assessment of the larger-than-expected slippage and the budgetary impact of the new package once we have received all the details.

Overall this set of measures gives a much needed signal to underline the new government's determination to bring back the correction of the excessive deficit to the envisaged path within the deadline of 2013.

This consolidation package and the comprehensive structural reform measures, in particular for the labour market and the financial sector, announced for early 2012 are essential to reinforce the credibility of the Spanish economy and to return to a sustainable growth path.

It is crucial to keep the momentum in fiscal and economic reform to take further decisions that can help consolidation as well as bring more growth and more and better jobs in a fair way."


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