The European Union is beginning to turn off the budgetary tap, which has flowed since 2020 due to the relaxation of fiscal discipline forced by the pandemic. The EU will allow each government to agree with the Commission a four-year fiscal plan, extendable to seven under certain conditions.
Elasticity subjects, however, to an objectified time limit and to tools that guarantee compliance through sanctions, which generates certainty. The specter of penalties for non-compliant countries has led Pedro Sánchez to accelerate the commitment with Brussels to adjust the deficit next year.