Vice President Calviño assures that the strengthening of social security contributes to consolidating the sustainability of the pension system
The recent warning from the European Central Bank (ECB) to pay more attention to anti-crisis measures has highlighted the need for a “road map” at European level. This was stated on Tuesday by First Vice President and Economy Minister Nadia Calviño, who asked for “clear guidelines” on European Union (EU) measures to be implemented in the long term, once the “shock phase” is over. conquered. .
After the meeting of the twenty-seven finance ministers (Ecofin), Calviño stated that Spain will focus its efforts on more targeted and efficient measures that enable the most vulnerable households and companies to cope with the energy price crisis. The minister avoided further details about the Spanish plan. And it is that less than a month before the government’s shock measures expire on the 31st, Spain continues to wait for a European signal before announcing its anti-crisis plan. At the moment, only the decision of the municipal executive to extend free public transport and to freeze rents at 2% for the coming year is known.
For example, the bonus of 20 cents per liter of fuel is up in the air and can be adjusted to benefit only the most vulnerable. In this sense, Calviño asked the European Commission to carry out “a more in-depth analysis” to find those measures “with the greatest impact and efficiency” that can be coordinated between European countries. One could be the dual energy price fixing supported by different countries that would protect consumers while promoting energy conservation. “We need measures that respond to the needs of each country and support all layers of society,” he stressed.
Also this Tuesday it was announced that the Budgetary Control Committee of the European Parliament will send a delegation to Spain in February to monitor the implementation of the European recovery funds. The European Parliament will request the invoices of the payments received by the country in 2021 and examine how the expenditure is controlled and what measures are taken to prevent fraud.
Spain will be the first country to be examined as it is the most advanced Member State with regard to the request for this programme, from which it has already requested the third disbursement. Recently, the European Commissioner for the Economy, Paolo Gentiloni, warned the Spanish government in a letter that it will freeze recovery funds if the reform of the pension system is not completed.
From the Ministry of Economic Affairs, they ask for calm and insist that the visit of the European Parliament delegation is part of a “routine process”. Regarding the warnings from Brussels, Calviño insisted that the European Commission limit itself to explaining how the recovery funds work and “no one should be surprised that it demands compliance with the agreed targets”.
At the moment, the dialogue with the Community Executive is “constant”. However, pension reform depends on “a series of variables. “We see that the strengthening of Social Security leads to good progress in the labor market and an increase in wages. This lowers benefit ratios and strengthens the long-term sustainability of the pension system,” said Calviño.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
