Government revolts against Bank of Spain: Escrive criticizes analysis of pensions as “sophisticated”

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The Minister of Social Security rejected the body’s suggestions and requests, and resumed a recurring confrontation as he was in charge of the tax authority

Social Security Minister, Josio
Social Security Minister, Jose Luis Escrive.EFE
  • Problem Bank of Spain blasts government complacency: “We are the great euro economy that has done the worst”

The harsh warnings by the Bank of Spain in the annual report published this Wednesday have not pleased the government. And the most obvious indication of this malaise is given by the Minister of Social Security, Jose Luis Escrive, who criticized today “lack of sophisticationIn the analysis and warnings that the agency makes about the pension system. Furthermore, it states that the document signed by the governor, Pablo Hernández de Casas, “provides no new element that will make him change his mind about the stability of the system.” About this.

The BDE, in its document, asks that retirees also be part of the income agreement, i.e. pension is not linked to the CPI, and calls for an “automatic adjustment mechanism” in the system to guarantee its viability. Escriv has shown in his answer “Very surprised” by such suggestionAs Europa Press reports, automated regulations have shown a “massive failure” in the fiscal and monetary sector.

“It has been clearly demonstrated that automated rules fail ‘per se’ (…) as central banks increasingly move away from automated rules and towards more flexible rules”, affecting the forum. has done ‘future work and future future work’, which organizes retina. “Ten years from now (…) there is no point in creating an automatic rule. We know a lot about the rules. I was the president of AIREF for six years, I was in Spain for financial regulations compliance. was responsible. So, let them talk to me about the rules… still. Automatic rules don’t work anywhere,” he said.

And on the reassessment of pensions with the CPI, the person in charge of Social Security has stated that this is the result of a majority agreement of the parliamentary fraternity, and that “that’s what matters,

an old conflict

Escrive, therefore, has staged a new disagreement between the government and a supervisory body and, in its specific case, another conflict with the Bank of Spain. The latter is something that gets repeated over time and, in fact, had already happened when I was in charge of AIREF. There were many occasions on which he lamented, in his opinion, little BDE activity Despite the rush of resources and the fact that the tax authority, on the other hand, was more productive despite having fewer soldiers.

Escrive’s critiques were and are, if possible, more important, because Start your career off right at Bank of SpainAnd many of the people in charge who have been and have been in the organization worked with him.

However, the present minister has disagreement not only with the BDE. He also strongly criticized it National Institute of Statistics (INE), which he “accuses of being in”serious projection errors in the demographic sector”, which affected all pension forecasts, and announced that it would stop using its data. publicly responded.

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