The Treasury has suspended all fiscal rules for 2020 and 2021. The head of the Ministry and Government spokesperson, María Jesús Montero, announced this Wednesday the measure, which activates the safeguard clause of the European Commission and represents a decision totally "extraordinary" with which to try to deal with the coronavirus crisis.
The consequences are numerous and all of them very relevant.
On the one hand, "the stability and public debt objectives of 2020 and 2021 remain without effect and the expenditure rule will not apply for those years either."
In addition, "the requirement that CCAA and EELL allocate their surplus to repay debt is suspended and the stability objectives will no longer act as a limit to financially sustainable investments."
And to all this is added that the city councils will be able to "turn to their treasury remnants to collaborate in the economic and social reconstruction", a request that has been made on numerous occasions by local entities, which sparked a confrontation within the the Femp and that ended up being a severe setback for the Government in Congress when it tried to carry out a decree that would create a fund of 5,000 million.
Now, after the failure and a whole process of confrontations, the suspension of the fiscal rules will allow municipalities access to up to 14,000 million of accumulated surplus.
"It was unreasonable that the municipalities had money in the bank and could not put it at the service of their citizens," Montero pointed out, which is precisely the argument that all the political formations raised to demand the use of the funds.
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