Structural reforms

The outlook in Latin America in recent weeks has been marked by general elections in Argentina, Bolivia and Uruguay. This is in addition to extensive protests in Ecuador and Chile.

Structural reforms since they usually involve a transfer of income that leads to the groups negatively affected mobilising to prevent them. Governments then have to decide how to manage that pain and when: with a large number of measures concentrated into a short time-span, perhaps taking advantage of the mandate afforded by a crisis.

We analyse the fiscal policy lessons from the recent recession in the Spanish economy and the options for the future. Our results indicate that budget balance and public debt trends showed clear signs of unsustainability between 2009 and 2011, with few alternatives available other than reducing the fiscal deficit.

Los vientos de cola que venía disfrutando América Latina hasta el año 2013 siguen amainando y con ellos, las perspectivas de corto y largo plazo para la región, por lo menos mientras no se aborde con decisión el impulso a la productividad a través de las reformas estructurales.

Continuar con políticas prudentes está descontado en los grandes números pero falta pensar más integralmente en una agenda de reformas estructurales