4  Conclusions  I wish to conclude simply by emphasising that although the Spanish economy is now entering its sixth consecutive year of real GDP growth, and that this growth pattern is expected to continue, albeit at a progressively slower pace, the risks to the prolongation of the expansionary phase have increased somewhat, especially in the international sphere. Thus protectionist measures, Brexit and the persistence of certain focal points of political and economic uncertainty within the euro area partially explain the slowdown in the global economy in 2018, but further adverse effects cannot be ruled out in coming quarters. In any event, the world economy is now at an advanced stage of the cycle, and the Spanish economy is not immune to developments in the international arena, in particular in the euro area, especially in view of the continuing high level of both external and public debt in Spain. For this reason, efforts to continue to improve the budgetary position of the different tiers of Spanish general government and to bring in reforms to shore up confidence in the various economic agents and boost growth potential should not be delayed. These two conditions are essential to redress the existing imbalances and ensure continued economic growth and job creation. Thank you for your attention. BANCO DE ESPAÑA  16	 TESTIMONY BY THE GOVERNOR OF THE BANCO DE ESPAÑA BEFORE PARLIAMENT IN RELATION TO THE DRAFT STATE AND SOCIAL SECURITY BUDGET FOR 2019
22 Of course, it is crucial to evaluate policy and require it to be effective, whether the policy is state contingent or time contingent. 23 My impression is that the issue of whether fiscal policy should play a more active role and whether the fiscal frameworks should be reviewed is starting to be raised more and more in the economic policy debate: see, for example, Calmfors (2021) for Sweden and Ubide (2021) and Lane (2021) for the euro area. This is also underlined by the fact that the ESO, the Expert Group for Public Economics, is planning a study in this field; see https://eso.expertgrupp.se/pagaende-projekt/. However, it should be pointed out that this study will only refer to the interaction between monetary policy and fiscal policy in times of crisis, which I do not think is sufficient. A month ago, representatives of the government parties also argued, in a newspaper article, that the review of the fiscal policy framework planned for 2025 should be brought forward (Svenska Dagbladet, 2021). In the Statement of Government Policy on 30 November, Prime Minister Magdalena Andersson argued that Swedish public finances are so strong that shifting from a surplus target to a balance target is justified. There are also, of course,  12 [17]  To be even more concrete, one idea could be to give the Swedish Fiscal Policy Council, or some other body, the task of continuously evaluating whether fiscal policy is keeping to the announced plan and delivering the expected results.