The mission of the Independent Authority for Fiscal Responsibility (AIReF) is to ensure effective compliance with the principle of financial sustainability by the Public Administrations (PAs), as this is a fundamental determinant of economic growth and the well-being of the population in the medium and long term. This requires an analysis of the challenges facing public finances in the medium and long term.
This first opinion on sustainability focuses on analyzing the impact of demographics on public accounts based on a macroeconomic and fiscal scenario that is drawn up with a time horizon up to 2050 and 2070. In 2018 AIReF published its first demographic forecasts. In 2019 it published an Opinion on the Sustainability of the Social Security, in which it analyzes in depth the short and long-term problems of its financial situation. In 2020 it updated its demographic and pension expenditure forecasts.
