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This article was published on 14 October 2014 at 15:44.
The last change is the 14 October 2014 at 20:08.
“The correction of the structural deficit in the Stability Law is 0.1 per cent.” A few hours after the official presentation, the Minister of Economy Pier Carlo Padoan after the Ecofin meeting reveals the cards of the maneuver, and confirms compliance with the limit of 3% of the deficit-GDP ratio, “We stand below and we will move forward with the consolidation structural. ” Speaking to reporters, the minister said that the prime minister Renzi has “presented some of the components of an aggregate budget law is approved and filed,” and “contextually presented in Brussels,” and it is “too early to fix something that is not yet been finalized “to meet the EU. Over the past few days from Brussels arrived more than a signal of concern with respect to Italy and France and their budgetary maneuvers.
Draw the budget, but can delay objective remains
As if to get their hands on to every possible European critical, and in response to the voice circulated in the last hour and re-launched by EU sources that would maneuver to risk rejection, the committee decided to send it back to the sender for changes, Padoan stressed that “what matters” is that Italy will continue “to have the target of the draw,” even if there is a delay “due to the fact that in April, when we took the commitments, the growth forecast was 1, 1% higher today than in 2015, the context has highly deteriorated. ” Meanwhile, the House approved a resolution authorizing a return to a balanced budget in 2017.
The Italian pressure to revise the calculation of potential growth
Overall, the minister said he was confident in a go-ahead from the European Commission: “Our relations with the Ue are constructive, we use the flexibility in the rules and we have an open dialogue with the Commission. ” Bodes well for even the pressure of our country for Europe to “revise and update” the common tools which are based on the analyzes and policy decisions of the EU budget, and in particular the calculation of the difference between growth potential and growth potential and actual growth, which has a relevance to the structural deficit. “We need to update these tools – he said Padoan, to avoid wrong conclusions dell’economai on the actual conditions of a country.
Way clear for the exchange of tax information between 28 EU countries
For the rest, the EU Council of Economic and Financial records of the results of the day extending from 2017 the scope of the automatic exchange of information between tax authorities on interest, dividends and other financial income as profits from the sale of financial assets. In the first instance, the extension will be for 27 of the 28 countries that are part del’Ecofin: Austria has obtained a gradual adjustment and adopt the same rules from 2018 to the Minister of Economy Pier Carlo Padoan, the President of Ecofin, the agreement signed today in Luxembourg “is a strong contribution of the EU to the” governance “global”, a “definite improvement” of the rules to combat fraud and tax evasion
Stop banking secrecy in Europe
Our Economy Minister stresses the importance of a political understanding (should go back to the Ecofin Council at the end of the year for final approval), which according to many observers marked forever the end of banking secrecy in Europe. The green of the 28 EU countries concerns the “Administrative Cooperation Directive”, or the provision of Community law which allows the EU to adapt to the OECD standard on transparency for tax purposes. With this directive, the automatic exchange of information “buy the size as large as possible in Europe, higher than the revised Savings Directive imagined,” explains the same observers. From January 2017 all EU countries, except Austria, will have to exchange information on tax matters on individuals, funds and entities, giving life to the full fiscal transparency in the EU.
Creating a favorable environment development of the investment
At the center of the confrontation between the finance ministers of the 28 EU countries coordinated by Paodoan the theme of investment: in the conclusions of the meeting, please note that “despite the significant structural efforts by States and the significant improvement of the conditions in the financial markets, the recent macroeconomic developments are disappointing, with low growth and very high and persistent unemployment in many parts of Europe. ” For this, 28 have decided to focus even more on creating an enabling environment for public and private investment, based on the work of the Task Force of Bei and the Commission, with the aim of identifying concrete projects to implement and finance sectors strategic and innovative.
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