EU to appeal to Italy on the accounts. Padoan: we will find a solution – Il Sole 24 Ore

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This article was published on March 5, 2016 at 17:31 hours.
the last change is the March 5, 2016 at 19:59.

The European Commission is preparing letters addressed to Italy and the other countries whose public finances are likely major deviations from the objectives to express concern about the way their budgets. The letters, which are outside the process of the European Semester, but fall into the possibility that the Commission has to recall the EU countries when necessary, should be sent in the first days of next week. “With Brussels – said Economy Minister Pier Carlo Padoan from London – there is an ongoing discussion normal to check the 2016 public finance data and then with Def, the economy and finance document of April, we will find a solution ultimately both the public finance both of the forecast growth framework “.

As for the Italian economic situation, Italy will confirm “in the coming weeks,” the forecast on the growth of GDP, but sees positive data in recent days, said the minister. “The forecasts we will confirm in the next few weeks – said the owner of Economy – though the data that have come out, affecting growth in consumption, investment and especially employment, and improving public finance, including reducing the tax burden, they say that government policy is going in the right direction and is producing the expected results. ” Today in the British capital ended the two-day Italian institute chaired by Giulio Tremonti, the conference which saw the participation of economic experts and policy makers, especially Italians, British and Americans, although there have been many important personalities other countries.

Turmoil result inaccurate information
“In the markets there are often turbulence induced by inaccurate information,” but “the Italian banking system’s restructuring” and “the community d ‘ international business has confidence in Italy, he invests in Italy “remarked the minister speaking on the impact of the global business disorder. “There are important steps, even these reflect the action of the structural reform of government” insisted Padoan.

Britain’s exit from the European Union “would be a detriment to the UK but it would also for Europe,” the minister reiterated. “The debate on Brexit – Padoan added – is the English expression peculiar to a general dissatisfaction of the society on Europe.” As known, in the UK it will be held ‘a referendum on Brexit on 23 June. “That’s why Europe – the minister concluded the Renzi government – needs an ambitious project that puts growth and jobs at the center.”

For the quantitative easing results need time
the use of the quantitative easing “monetary policy takes time to yield results,” and it shows what happened “in the US” he stressed Padoan, according to which also in Europe, “the liquidity transmission channels” for using of the banks’ work less well. ” Before leaving the venue of the event, the Minister also raised the possibility of national measures, in addition to what was done by the ECB, for a more effective instrument.

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