Martedì, 18 Settembre 2018

Audit Court criticizes Monti's former caretaker government


Rome, May 8 - Italy's caretaker government under
former premier Mario Monti was financially careless in its final
months, the Audit Court said Wednesday.
The government's fiscal decrees in the last quarter of 2012
were "incoherent" and did not include the proper fiscal
safeguards to ensure revenues actually matched earlier
estimates, said the court.
The caretaker government was appointed in November 2011 to
cope with Italy's financial mess, and operated until late April
once a two-month, post-election stalemate was broken and the
left-right coalition government of Enrico Letta was sworn in.
The Monti government's financial stability law, approved
late last year, was unreliable and operated in a piecemeal
fashion, the court added.
The court reviewed the government's financial measures for
the final three months of last year, and found numerous
Wednesday's comments were consistent with earlier warnings
from the court made last February, when it warned that further
tax increases would worsen, rather than improve, public
It noted that tax hikes and spending cuts introduced by
Monti's emergency technocrat government have boosted the
national accounts, raised investor confidence in the country and
eased pressure on its borrowing costs.
But it noted those have also deepened the recession, adding
that the tax burden was already "out of line" and that the hikes
would create "the conditions for further recessionary effects".

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