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Draft state budget for 2021. Testimony before the Parliamentary Budget Committee, 4 November 2020

Author

Listed:
  • Pablo Hernández de Cos

    (Banco de España)

Abstract

In discussing the first Draft State Budget to address the economic and social impact of the COVID-19 pandemic, the Governor begins with an analysis of the economy’s recent behaviour and how it may evolve in the coming quarters, drawing on the Banco de España’s projections. Against this background, he assesses the Government’s macroeconomic forecast underpinning the Draft State Budget. He proceeds to calibrate the Budget’s main proposals in terms of the fiscal policy stance, the composition and appropriateness of public revenue and expenditure, and the risks to meeting the budget deficit target. Lastly, he sets out what he considers to be the key challenges for Spanish fiscal policy in the medium term.

Suggested Citation

  • Pablo Hernández de Cos, 2021. "Draft state budget for 2021. Testimony before the Parliamentary Budget Committee, 4 November 2020," Occasional Papers 2104, Banco de España.
    • Handle: RePEc:bde:opaper:2104e
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Files/do2104e.pdf
    File Function: First version, February 2021
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/21/Fich/do2104.pdf
    File Function: Spanish version
    Download Restriction: no
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    More about this item

    Keywords

    Draft State Budget; macroeconomic forecast; projections and risks; fiscal policy stance; crisis response; fiscal consolidation plan; composition of public expenditure and revenue; mobilisation of European funds; Next Generation EU; public debt dynamics; growth potential;
    All these keywords.

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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