La CE pone deberes hasta…2020

José Luis Martínez Campuzano - Viernes, 30 de Noviembre

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La Comisión Europea emitió el miércoles su "Annual Growth Survey 2013". Este Informe marca las líneas básicas (o debería hacerlo) de actuación de la política económica nacional con respecto a los Planes de Convergencia y la estrategia de Europa en 2020. En definitiva, la base común de estrategia para los diferentes países.

Las prioridades de la Agenda no sorprenden:
1. Compatibilizar crecimiento y consolidación fiscal
2. Restaurar el flujo del crédito a la economía
3. Promover crecimiento y competitividad
4. luchar contra el desempleo y las consecuencias sociales de la Crisis
5. Modernizar la Administración Pública

Sin embargo, si hay algo novedoso en el Informe. Me refiero a las prioridades en política fiscal, tanto para hacer más eficientes los ajustes como para evitar que se reproduzcan excesos pasados. Se refiere en este caso a la fiscalidad favorable en la vivienda (en países como Irlanda o España).

Aquí tienen algunas recomendaciones:

*       Depending on the choices made about the composition of the adjustment, the "multiplier effect" of fiscal policy will be different
*       Experience has shown that in countries with relatively high shares of public expenditure in GDP, and relatively high tax rates, fiscal consolidation achieved through a reduction of expenditure rather than a further increase in taxation revenue is more supportive to growth in the long run
*       The alternative scenario of postponing fiscal adjustment would prove much more costly
*       To restore the confidence of investors, reduce the costs of debt repayment and create fiscal room for manoeuvre, what is needed in these countries is a determined effort, at an appropriate pace, to put public finances on a sustainable path.
*       The Stability and Growth Pact should focus on progress achieved in structural rather than purely nominal terms, and include a composition of
*       adjustment which supports both growth and social fairness
*       A Member State may be given a longer time to correct its excessive deficit if a worse-than-expected economic situation prevents it from reaching its agreed objective.
*       For Member States with greater fiscal room for manoeuvre, automatic stabilisers can play their role fully, in line with the Pact
*       On the expenditure side of government budgets, it is essential to look at the overall efficiency and effectiveness of spending
        - Investments in education, research, innovation and energy should be prioritised and strengthened where possible, while ensuring       the efficiency of such expenditure. Particular attention should also be paid to maintaining or reinforcing the coverage and effectiveness of    employment services     and active labour market policies, such as training for the unemployed and youth guarantee schemes.
        - The modernisation of social protection systems should be pursued to ensure their effectiveness, adequacy and sustainability.  Reforms of pension systems should be stepped up to align retirement age with life expectancy, restrict access to early retirement schemes,      and enable longer working lives. Also in the context of the demographic challenges and the pressure on age-related expenditure, reforms of      healthcare systems should be undertaken         to ensure cost-effectiveness and sustainability, assessing the performance of these systems     against the twin aim of a more efficient use of public resources and access to high quality healthcare.
*       On the revenue side of government budgets, recent trends show that many Member States have increased personal income taxes and/or VAT rates.
        - The tax burden on labour should be substantially reduced in countries where it is comparatively high and hampers job creation.        To ensure that reforms are revenue neutral, taxes such as consumption tax, recurrent property tax and environmental taxes could be      increased.
         - Additional revenue should be raised preferably by broadening tax bases rather than by increasing tax rates or creating new   taxes. Tax exemptions, reduced VAT rates or exemptions on excise duties should be reduced or eliminated. Environmentally harmful        subsidies should be phased out. Tax compliance should be improved through systematic action to reduce the shadow economy, combat tax    evasion and ensure greater efficiency of tax administration.
        - The corporate tax bias towards debt-financing should be reduced
        - Real estate and housing taxation should be reformed to prevent the recurrence of financial risks in the housing sector. In particular,        aspects of tax  schemes which increase the debt bias of households, typically through tax relief for mortgages, should be reviewed

http://ec.europa.eu/europe2020/making-it-happen/annual-growth-surveys/index_en.htm

José Luis Martínez Campuzano es Estratega de Citi en España

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