Overview
- Sánchez will present state budgets after a two‑year hiatus despite uncertain votes, shifting tone by warning a failure “could have consequences.”
- The finance ministry aims to unveil a new regional financing model in January, followed by the formal presentation of the budget bill.
- ERC states it will only negotiate the accounts once a financing agreement is closed, pressing the government to sequence concessions.
- The executive has made gestures to re‑engage Junts, yet chances of their backing the budgets are described as remote for now.
- Urgency grows to pass structural reforms needed for the final EU funds disbursements, while Puigdemont’s return is not expected before March–April 2026.