Eurogroup to Italy: “We need a little more effort by March.” Padoan … – The Messenger

Eurogroup to Italy: "We need a little more effort by March." Padoan … – The Messenger

An extra effort to reduce debt by March, but not a maneuver or additional measures: the Eurogroup supports the fears of the European Commission on the law of stability
Italian, which may not respect the rules of the Pact, and asks the Government to move before the new exam extraordinary that Brussels has set in March.

But the minister Pier Carlo Padoan states that there is “no request for additional measures: Stability Law in 2015 implemented effectively relaunch the Italian economy” .

In essence, the doubts of Europe could be resolved with the acceleration of reforms that would give more effectiveness to the measures already taken by the Government. So much so that the Eurogroup, harder with France, asks clearly in Paris “additional measures”, while Italy asks only “effective measures”.

A difference in vocabulary but summarizes the different types of effort asked the two countries.
 Eurozone ministers, meeting to approve the opinions of the Commission on the laws of stability, backed the decision to postpone France, Italy and Belgium in March, but have put on paper that the extra time should be used to do just enough to convince Brussels not to open procedures.

In the case of Italy, the Eurogroup acknowledges that “exceptional economic circumstances and very low inflation have complicated the target of debt reduction and the respect of the rule,” but remember that ‘high debt remains a cause for concern “and serve” effective measures to improve it strove
 structural. “

And remember even numbers:” The Italian structural effort in 2015 will be 0.1%, while in the preventive arm of the Pact is required 0.5%. ” This means that the ‘gap’ to be filled is 0.4%, says the president of the Eurogroup Jeroen Dijsselbloem, and Italy from here to March can do this in three ways: “New measures, or more effective measures, or with an agreement with the Commission, “maybe on the assessment of the impact of measures already taken or its time to see the effect. “Anything is possible – he concluded – but something must be done.”

Even the Commissioner for Economic Affairs Pierre Moscovici invites Italy and others to act: “We hope that the measures are taken, we showed deviations (between what was done and objectives, ed), stressed that must be reduced and a timetable. We all know what would happen if the rules are not respected, “he explained after the meeting, noting that despite having given more time to the three,” all options remain open, “including sanctions for those who will not convince. It pointed out that countries must move by 23 January if they want their efforts are taken into account in the next economic forecast.

The Minister Padoan is not worried, remember that the law of stability “implemented effectively relaunch the Italian economy “, that the Eurogroup” appreciates the Italian agenda of reforms “and stresses that the effects on our economy depend on their” effective and timely implementation. ” This is where you could find the key fact of negotiations with Brussels, which is always in progress: with
 decrees of the reforms approved accelerating the impact of the measures and therefore their positive effect on the accounts.