Big company fears Moncloa will charge Europe financial adjustment


result of regional elections held last sunday Andalusia have ended up setting off alarms in the environments of large Spanish companies, which have already foreseen warm autumn as a possible result recession Which is becoming more and more important and which can now be aggravated by a flurry of government measures tax caseWhich can be the main victims of benchmark corporations.

Andalusian elections, in which both PSOE Closer to Left Alliance United we can (the two parties forming a government coalition) have achieved remarkably disappointing results, demonstrating once again the likely progress of the general elections, thereby council of ministers Trying to speed up the measures they are working on so that they can be approved and implemented before it is too late.

a consolidation that doesn’t come

For now, there has already been an official confirmation in the last few hours that the companies mighty they will see their to taxa decision that has generated serious discrepancies Moncloa Palace But, in the end, it will escalate, resulting in unrest generated in the sector and punishment of the stock market in the form of billions. capitalization Which flew in the last season.

This is not something unexpected by the big companies in this sector; However, what is surprising is that the moment has come to isolate it, without including it in the package of measures, which would be tantamount to a reform that leads to the long-awaited fiscal consolidation on which he so stressed, even before Epidemicindependent bodies such as bank of spain And this Independent Authority for Fiscal Responsibility (AIRF),

Little interaction

The fact remains that the decision has come without prior interaction with the sector in search of possible solutions to the rise in energy prices and its direct impact on both electricity bills and electricity bills. inflation,

Something, according to which they warn business circles, is becoming more and more common. “There has never been a particularly active dialogue, but for some time now, it has been practically non-existent. We have found out through the press about some important measures and that is not the way to speak”, he says. Explain from a context of the field.

gas cap case

One of the latest cases has been maneuvers to limit the prices of gas used for electricity generation, thanks to the consideration of the Iberian Peninsula as a provisional energy island. The European Commission, Its application, after several tussles with the Community Executive, is not yielding the expected results due to the changes that the governments of Spain and Portugal have had to introduce in the initial plan.

“With this sector collaboration, a better system could have been articulated, certainly less cosmetic at first but more effective and realistic. But our role at this point has been that of testimonials,” says the source above.

Christine Lagarde, President of the European Central Bank (ECB) / EP

Another source of concern for large companies is what happened after the end of the incentive program. European Central Bank (ECB) before the beginning of the rise Rate of interest Feather euro area, significant increase risk premium Some of the most indebted countries, notably Italy and Spain, have prompted the issuing body to announce future measures to avoid fragmentation.

An announcement that already has its counterpart in the markets, relaxation of spreads and even of yields bond But that, however, will not come for free. In return, European officials would ask the countries that would benefit most from the measure, in line with reforms that would lighten their loss You loan of, Adjustments that make big businessmen fear the government will attack income, not the spending side, through higher taxes, and corporations are in the crosshairs.

Towards recession?

Unpredictable war in Ukraine and even less expected longer term increase day by day, pointing to a recession in the last third of 2022, or even 2023, in a state of runaway inflation that engulfs the strongest and most dynamic economies. is affecting as well. to the point of forcing, as in the United States federal Reserve To increase the rate by 75 basis points at a time, which had not happened in the last 28 years.

If the worst signs are confirmed, businessmen warn that the situation will again surprise Spain with very high debt and deficit figures and “without far-reaching structural reforms to change such dynamics, so which It can be expected to be more temporary, immediate, reactive than proactive measures”.

Amidst this scenario, the big company is in the limelight and under threat of suffering the effects of the government’s flight, the economic situation and election results become increasingly vulnerable.

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