As with the three previous editions (2009, 2010 and 2011), the economic crisis has shaped the content of the IEB’s Report on Fiscal Federalism’12. Since the beginning of the economic downturn, the budgetary situation of the various government levels (and, in particular, of the sub-central level) has continued to deteriorate. In the early years, this was the result of the strong impact caused by the decrease in revenue, the adoption of scal stimulus policies and, ultimately, a lack of political will to implement the budgetary adjustment required. In Spain, the scal consolidation effort has been more evident recently (both at the central and sub-central levels of government) but its effectiveness has been limited.
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