Lunedì, 24 Settembre 2018
ROME

Italy cannot relent on fiscal consolidation, says ECB

English
© ANSA

(ANSA) - Rome, September 13 - Italy cannot afford to relent
on its policies to put its financial house in order if it wants
to be sure of pulling out of its debt crisis, the European
Central Bank (ECB) warned on Thursday.
Premier Mario Monti's emergency technocrat government
approved an austerity package of tax hikes and cuts in December
and it has followed up this year with more cuts in public
expenditure following a spending review and the introduction of
structural economic reforms.
The ECB said in its monthly bulletin that a shortfall in
Italy's bid for fiscal consolidation would "merely allow the
debt ratio to be stabilised at current levels and provide an
insufficient buffer against adverse macroeconomic developments".
The bank added, however, that Italy was on track to get its
national debt-to-GDP ratio below 100% if it maintains rigour in
its public finances.
"The baseline simulation indicates that, if Italy fully
achieves the targets set out in its stability programme update,
the government debt-to-GDP ratio is expected to peak at 123% of
GDP in 2012, thereafter declining to below 100% by 2020," the
bulletin said.

photo: ECB President Mario Draghi

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