Tuesday, April 21, 2015

Final, the Office of the budget calls for “prudence” on the ‘treasure’ – The Republic

MILAN – The ‘treasure’ by 1.6 billion popped in Def ends under fire technicians who analyzed the document of economics and finance. “It seems premature to” think of using the nest egg, precisely equal to 1.6 billion euro in 2015, “reputandoli already acquired.” And ‘the warning issued by the President of the Parliamentary Budget, Giuseppe Pisauro, which relates to the Document of economics and finance in the hearing in the House and Senate Budget Committees. Even Bankitalia is cautious: “Better to use it to improve the accounts”, is the concept.

The reference is to the area of ​​deficit that Italy takes raising 2.5 to 2.6% of GDP, net debt for 2015, compared to what would happen if they were not introduced new measures and new growth estimates.

The Office of the Parliamentary Budget. Pisauro has explained that the ‘ government’s intention to “use the margin of 0.1% of GDP, equivalent to about 1.6 billion,” raises concerns. The main doubt about the “risk that there is in this operation”: a “very modest deviation of the macro or the interest rate forecasts negate that improvement and result in a significant departure from the adjustment path towards the medium-term objective “, indicated by the European treaties. So the note of caution: “In our opinion, it seems premature at this stage of the year, when they still do not know the balance dell’autotassazione, think of using resources, although limited in size, considering them already acquired. A decision made in April of spending in the current year the effect of improvement in the macro than the prediction of the previous autumn, without waiting until this improvement materialize, seems contrary to considerations of prudence. ” Even the growth outlook, Pisauro invoked caution because they risk being “optimistic” and the pace of expansion weigh external variables such as changes in oil prices and the exchange rate.

Bank ‘ Italy. Softer presentation of Bank of Italy, with regard to the macro: Via Nazionale defines the scenario described for the biennium 2015-16 “plausible, though not risk-free short-term improvements in confidence must consolidation; the uncertainty of the outcome of negotiations on the adjustment program of the government greek remains high and can cause volatility in the financial conditions. ” If remains uncertainty over Greece, as mentioned Bankitalia says desirable that the ‘treasure’, which is “modest” and entirely due to lower interest payments, “is used to accelerate the rebalancing of public finance”, giving “greater certainty the path towards rebalancing “.

Overall, the institution represented in the Senate by Luigi Federico Signorini, sees increasing signs of recovery and predicts a return to employment growth, although still to be implemented “promptly” the measures provided for in the Jobs Act. The measures put in place by the government can provide “a positive contribution of about a third of a percentage point to GDP growth in the period 2015-2016,” pariah about 5 billion Euros.

On Def, are expected later in the day also surveys by Istat and the Court of Accounts, as well as the Minister of Economy.

Arguments:
Def 2015
treasure
Bankitalia
Office of the Parliamentary Budget
UPB
Court of Auditors
Istat
CNEL
Starring:
Pier Carlo Padoan

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