The new government will be invited to negotiate with Europe fiscal targets to be met in the next few years to address the accuracy problem, which will be even larger than today, and to find ways to address the challenges that will arise for households and businesses. continuous interest rate increases. He will also be asked to provide sample letters on the need to modernize the state, as well as to ensure the progress of debt de-escalation as a percentage of GDP so as not to interfere with the country’s unhindered access to markets.

The new government will be the first to be formed after 2010 that will not have to deal with memorandum or post-memorandum commitments after a full 13 years. However, it is clear that he will have to fulfill specific budgetary obligations, so from now on it should be explained to voters that after the elections there will be no opportunity to implement state support policies corresponding to those implemented especially in the period 2020-2023. So if during these four years approximately 55 billion euros were allocated to combat the consequences of the pandemic, energy and inflationary crisis, then it is doubtful that over 4 years in total it will be possible to allocate more than 10 billion euros, which, of course, will largely depend on the exchange rate economy.

There will be many problems for the next financial staff. With today’s data, even if energy prices remain low, there will be a big problem with accuracy as well as a high cost of money. In essence, these two “active fronts” remain open as it is currently unclear when the precision wave will peak, especially in the food sector, and also when interest rates will stop rising (let alone when the reverse will begin) . For at least the next 12 months, it is likely that food prices will continue to rise (albeit at a slower pace) and ECB interest rates will rise to even higher levels.

What will be the difference compared to the previous 4 years? It is precisely because of the “tightening” of fiscal policy (the European Commission is already dissuading governments from taking support measures, especially of a horizontal nature) that there is not much room for the “wounds” from accuracy and increased loan contributions to heal with support measures. Especially with regard to loans, in addition to the financial costs of support measures, there is also the reluctance of the European Central Bank to allow government support of borrowers with horizontal measures.

The new government will not have to deal with memorandum or post-memorandum commitments for the first time in 13 years.

The next economic headquarters, measuring the fiscal margin according to the new data that will be formed, will have to take into account the “legacy” from the measures already taken, which make up the fiscal account of about 7-8 billion euros.

This is the annual cost of measures taken gradually over the previous 4 years: reduction of insurance premiums by 4.4 percentage points, reduction of tax rates for legal entities, as well as distribution of profits, abolition of the solidarity tax, targeted reduction of VAT rates (this is a measure that expires in end of 2023, but we are unlikely to return to higher rates, etc.).

Given the need for this “legacy” as well as the production of higher surpluses, it is likely that the next government, in order to make bold changes in economic policy, will have to reverse measures already taken.

The two main parties are expected to present their economic programs immediately after the official announcement of the national elections. They will also reflect intentions for the next 4 years. In addition, plans will be written on another big front for the next period of government, which will be related to the restoration of the state.