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Central Government has authorized (approved and implemented) spending programs linked to the RRTP amounting to 43.7 billion euros, 83% of what was planned for 2021 and 2022. Of these, Central Government would have granted and awarded investment programs for more than 11.6 billion euros.

Sound budget execution data lead to an improvement in the public deficit forecast to 4.2% of GDP in 2022 and 4.4% in 2023. The reduction of the imbalance will be limited by announced or prolonged measures, by the impact of inflation on spending and by the effect that the slowdown may have

Sound budget execution data introduce positive biases on the deficit forecast in 2022, while the slowdown in activity in 2023 will dampen the cyclical recovery of the government balance. Deficit projections are revised to 5.5% of GDP in 2022 an…

The Recovery Plan failed to fullfil expectations in 2021. As we look forward, we must focus on streamlining and accelerating its roll-out and on using it to transform our economy and invest wisely in projects with strong potential to increase e…

Despite the expectations created at the end of 2020, the Plan's impact on the National Accounts was slow in 2021 — though this is expected to accelerate in 2022 and 2023. The challenge now is to invest wisely in projects which will drive and …

2021 closed with a deficit of 6.8% of GDP, the same as estimated three months ago. The invasion of Ukraine and measures to mitigate the rise in energy prices slow down the adjustment, and the deficit is expected to fall to 6.0% in 2022. In 2023, the deficit would fall to 4.6% of GDP.

The Recovery, Transformation and Resilience Plan is a unique opportunity to undertake the investments and reforms needed to transform the Spanish economy. It will mobilize more than €69 billion until 2026, financed by transfers from the NextGenerationEU's Recovery and Resilience Mechanism (RRM).

The latest budget execution data lead to a revision of the deficit to 6.8% in 2021 and 4.8% in 2022. In 2023, the cyclical recovery of activity will favour the correction of the public deficit to 3.0%. Implementation of the Recovery Plan remain…

In this publication you will find, on a weekly basis, our selection of the most relevant news regarding financial regulation.

Good budgetary implementation data introduce positive biases on the deficit scenario, and the forecast is revised to 7.0% of GDP in 2021 and 5.0% in 2022. The expected impact of the Recovery Plan in 2021 is downgraded and carried forward to the…

Positive development on tax collection and a lower impact of the pandemic introduce biases in the deficit forecasts, which are revised to 7.7% of GDP in 2021 and 5.5% in 2022. The approval of the Recovery Plan and the suspension of fiscal rules anticipate that fiscal policy will remain expansionary.

The plan is sufficient and ambitious, it contains a proper diagnosis and assigns funds in line with NGEU objectives. It also has omissions and weaknesses. The vagueness about reforms is a particular cause for concern.