Martedì, 16 Ottobre 2018

Italian economy minister says EC's flexibility 'great news'


Rome, July 3 - The decision by the European
Commission to allow for more budget flexibility for countries
like Italy keeping the deficit below the European Union's
ceiling of 3% was welcomed by Economy Minister Fabrizio
Saccomanni on Wednesday as "great news".
The news from Brussels "rewards the work done over the last
months and wipes away the skepticism of some," Saccomanni said.
European Commission President Jose Manuel Barroso announced
that countries out of an excessive-deficit procedure "will be
given more flexibility in the 2014 budget for investments in
production and to relaunch growth," said a statement issued by
the Italian government shortly after the announcement.
"This is the prize for the investment this government has
made since the beginning to respect public finance targets," the
minister said.
Saccomanni said that Italy was on target to "balance its
budget in structural terms" in 2013.
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.
"This is the most serious crisis since the end of World War
II, but the first signs of stabilization are starting to
appear," Saccomanni said.
The economy minister stressed that efforts must continue if
the country is to "achieve the reversal of recessionary trends
in the second half of the year".
Italy is expected to have a budget deficit to GDP ratio of
2.9% in 2013.

(photo: Confindustria President Giorgio Squinzi and Economy
Minister Fabrizio Saccomanni)

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