Javier Andrés, Rafael Doménech, 07 April 2012

Macroeconomic developments in Europe cast doubt on fiscal-consolidation strategies. This column examines the pace of consolidation in the Spanish 2011–14 Stability Programme. It shows that if Spain were to meet the deficit targets, it would be bringing forward by seven years the zero structural-deficit target that will be mandatory as of 2020, according to the new Spanish legislation.

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