Valencian Treasury Council rejects new Spanish regional financing reform despite Canary Islands support

The Consell de la Generalitat Valenciana, led by finance councilor José Antonio Rovira of the PP‑Vox coalition, reaffirmed its rejection of the Spanish Government's proposed autonomous financing reform. The model, promoted by Prime Minister Pedro Sánchez, does not include a transitory equalisation fund or historic debt cancellation, which the Valencian officials deem essential.

The Canary Islands government, governed by Coalición Canaria and the PP, accepted the reform, citing a €700 million benefit. Experts also gave a positive assessment, but Rovira maintained that the proposal was negotiated only with ERC and lacked necessary safeguards. He plans to vote “no” when the Council of Fiscal and Financial Policy meets in September and has asked for a postponement to study the documentation further.

Valencia's continued refusal leaves the region outside a potential agreement that could alleviate its chronic under‑financing, while the Canary Islands move forward with the new financing system.