Strategic approach of the medium term Strategic approach of the medium term

Strategic approach of the medium term

Strategic approach of the medium term
budget policy in Spain*

Miguel A. Fernández Ordóñez**

* This article was originally published in the Journal of Public Budget and Expenditure No. 38 (1-2005) -Revista de Presupuesto y Gasto Público N°38-, issued by the General Secretariat of Budgets and Expenses –Secretaría General de Presupuestos y Gastos- and the Institute of Fiscal Studies of Spain –Instituto de Estudios Fiscales de España– and it has been included in the current issue of the International Journal of Public Budget by permission.

** State Secretary of Finance and Budget, Ministry of Economy and Finance, Spain

4. New orientation of the economic policy

After having detailed the considerations above, the next step is to analyze the main lines of the budgetary policy which are being attempted:

• Budgetary stability

• Public spending oriented towards productivity

• Transparency