The body, which will be similar to the UK’s Office for Budget Responsibility, will aim to ensure Spain complies with principles of budgetary stability and financial sustainability.

It will report on the public finances of central, regional and local government in Spain and the social security system. It will also prepare forecasts and projections on the key macroeconomic variables on which budgets are based.

Draft regulations to establish the authority were approved on April 12 and the Spanish government announced on June 28 that the Draft Constitutional Law was now ready to be presented to Parliament.

Ministers have requested that the Bill be fast-tracked through the Parliament.

Read Marta Riera López's blog on whether Spain's fiscal authority is fit for purpose.