No Picture

Will the Spanish budget golden rule do the trick?

By Juan Pedro Marín Arrese, in Madrid | The Spanish Government has just approved a bill enshrining the budget golden rule by 2020. It aims to balance income and expenditure over the cycle, departing from that principle only in exceptional circumstances like a full-fledged recession. Such far away objective seems less than ambitious. Especially taking into account the loose path established to ensure that goal. Reducing debt by 2% only if…