“We’ve still not assimilated the framework of the new tax regulations under which surpluses are as logical as shortfalls – such is the counter-cyclical nature of fiscal policy.” Cristina Herrero, president of AIReF, ended the 3rd EsadeEcPol Taxation Forum with an analysis of the future tax regulations. She emphasized “the important change as regards who takes the initiative when making commitments”, which she deemed positive “because it delivers greater credibility than the current framework”, and also the fact that “supervision will focus on the net outlay of revenue measures rather than structural deficit as has been the case until now”.

During her speech, Herrero also pointed out that “in the coming years, fiscal policy will be developed against a new economic and institutional backdrop”, a situation which she believes, “we’ve still not assimilated.” On the subject of fiscal policy, she explained that “despite having the most dynamic growth in the euro zone, its composition means it can’t be sustainable over time” in reference to the lack of investment. As regards her second point, she explained that fiscal regulations are already back, although “there are no real deficit targets” for 2024.

Taking part in the 3rd EsadeEcPol Taxation Forum, entitled “Spanish taxation in the new global economic landscape”, were Jorge Galindo, deputy director of EsadeEcPol; Francisco de la Torre, director of the EsadeEcPol Taxation Forum; Judith Arnal, senior researcher at CEPS and Real Instituto Elcano; Esther Gordo, director of the AIReF Economic Analysis Division; Carlos Thomas, deputy director general of Economy and Research at the Bank of Spain; Omar Rachedi, associate professor in the Esade Department of Economics, Finance and Accounting; David López-Rodríguez, senior economist in the Structural Analysis Department at the Bank of Spain; Clara Martínez-Toledano, professor of Economics at Imperial College Business School; Santiago Lago, chair in the Department of Applied Economics at the University of Vigo; and Miguel Almunia, professor of Economics at CUNEF University.