自治区的财政政策：宏观经济效应与国家财政规则的作用

The Fiscal Policy ofAutonomous Communities: ItsMacroeconomic Effects and theRole of the National Fiscal Rule Carlo Pizzinelli SIP/2026/054 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on May 4, 2026. This paper is alsopublished separately as IMF Country Report No 26/103. 2026JUN IMF Selected Issues PaperEuropean Department The Fiscal Policy of Autonomous Communities: Its Macroeconomic Effects and the Role of theNational Fiscal Rule* Prepared by Carlo Pizzinelli Authorized for distribution by Romain DuvalJune 2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on May 4, 2026. This paper is also published separately as IMF Country Report No 26/103. ABSTRACT:The transposition of the EU economic governance framework to national legislation provides anopportunity to reform the subnational fiscal rule, especially with regard to its regional component. Whilecompliance by autonomous communities has improved in the last decade, the current framework has notdelivered on two key objectives of subnational fiscal rules for regional governments: avoiding procyclical publicspending and ensuring debt sustainability. This paper makes the case for centering a revised fiscal rule on anexpenditure growth target—consistent with the formulation of the EU framework—to ensure that spending byregional governments, particularly on health and education, remains mostly acyclical while also achieving debt-stabilizing regional fiscal policy. RECOMMENDED CITATION:Pizzinelli, C. (2026) “The Fiscal Policy of Autonomous Communities: It’sMacroeconomic Effects and the Role of the National Fiscal Rule.” IMF Selected Issues Paper (SIP/2026/054).Washington, DC. International Monetary Fund. SELECTED ISSUES PAPERS The Fiscal Policy of AutonomousCommunities: Its MacroeconomicEffects and the Role of theNational Fiscal Rule Spain Prepared by Carlo Pizzinelli1 THE FISCAL POLICY OF AUTONOMOUSCOMMUNITIES: ITS MACROECONOMIC EFFECTS ANDTHE ROLE OF THE NATIONAL FISCAL RULE1 The transposition of the EU economic governance framework to national legislation provides anopportunity to reform the subnational fiscal rule, especially with regard to its regional component.While compliance by autonomous communities has improved in the last decade, the currentframework has not delivered on two key objectives of subnational fiscal rules for regional governments:avoiding procyclical public spending and ensuring debt sustainability. This paper makes the case forcentering a revised fiscal rule on an expenditure growth target—consistent with the formulation of theEU framework—to ensure that spending by regional governments, particularly on health andeducation, remains mostly acyclical while also achieving debt-stabilizing regional fiscal policy. A.Introduction 1.Autonomous communities are a crucial component of fiscal policy in Spain.In 2021Spain ranked third among OECD and EU economies for the size of public spending carried out byregional governments as a share of GDP—approximately 18 percent—and fifth as regards regions’share of total public sector expenditure—approximately 27 percent (OECD, 2024). This largepercentage is explained by the autonomous communities’ responsibility for delivering severalessential public services, including education, health, long-term care, and some other forms of socialassistance. 2.Regional public spending is supported by an institutional framework aiming tobalance risk-sharing, redistribution, autonomy, and fiscal responsibility.Under the “commonregime”, applied to 15 communities, regional governments receive resources from a selection oftaxes over which they have some ability to adjust rates, and have full autonomy over other taxes.Part of the revenues, together with additional transfers from the central government, are pooledinto a set of funds that redistribute resources across regions to mitigate disparities in financing percapita. Meanwhile, the two communities under the “foral regime” (Navarra and País Vasco) pay anegotiated contribution to the general government’s budget but retain the entirety of their taxcollections. Autonomous communities can also finance spending by issuing debt. While somecommunities issue bonds and receive loans from banks, several of them finance part or the entiretyof their debt through central-government sponsored vehicles, collectively denominatedFondos deFinanciación Autonómica.These were established in 2014, originally as emergency instruments, toensure access to credit at contained interest rates for all communities in the wake of the GlobalFinancial Crisis (GFC) and the subsequent euro area crisis. Finally, a subnational fiscal rule sets yearly targets for communities’ deficits, prim