Lunedì, 22 Ottobre 2018

Italian economic blueprint approved


(By Kate Carlisle) Rome, April 10 - The Italian
government's economic blueprint for 2013, the Economy and
Finance Document (DEF), was approved by outgoing Premier Mario
Monti's cabinet on Wednesday.
The DEF provides a snapshot of the state of the
recession-hit Italian economy, as well as indicating policies
measures Rome intends to put into place to promote growth.
The DEF needed to be approved quickly to meet a European
Union deadline that says it must be delivered to Brussels by
April 20.
As expected, the document leaves some aspects open-ended,
given the political deadlock that has followed February's
inconclusive general election, so the future executive can knock
it into the shape it sees fit.
Monti said that the "work in progress still needs fine
tuning, but that it is an "important contribution" while the
country's politicians continue their struggle to form a
It will, however, "ensure harmony between national policy
priorities and the European Union," Monti said.
Italy is on course to hit its target of balancing the
budget in structural terms this year, caretaker Premier Monti
said after his cabinet approved the economic blueprint.
A country is considered to have balanced its budget in
structural terms if government revenues match expenditure when
the data is adjusted to take account of fluctuations in the
business cycle.
According to the DEF, the deficit for 2013 should be 2.9%
of gross domestic product (GDP) in absolute terms.
This is below the 3% threshold allowed by the European
Union, which means Italy should emerge from the procedure it is
under for excessive deficit.
"The public finances are on a sustainable path," Monti,
whose emergency technocrat administration passed a series of
austerity measures after taking power at the peak of the
eurozone crisis in November 2011, told a press conference.
"The target of balancing the budget in structural terms has
been hit".
European Economic Affairs Commissioner Olli Rehn on
Wednesday also said it was "very probable" that Italy will exit
the excessive-deficit provisions under the European Union's
Stability and Growth Pact once data had been reviewed by
Eurostat on April 22.
Economy Minister Vittorio Grilli said Wednesday that the
government expects Italy's gross domestic product to fall by
1.3% this year.
However, Grilli told reporters at the presentation of the
DEF that Italy's GDP should increase 1.3% in 2014 after pulling
out of the recession in the second half of 2013.
He said growth should be 1.4-1.5% in 2015.
Italy plans to raise GDP yearly through 2017 with
The DEF "includes revenues from privatization equal to
approximately 1% of GDP each year," from 2013 to 2017, Monti
said following its approval.

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