Padoan: flexibility of good dialogue with Europe, did not seem to ask for more EU – Rai News

At the end of the Ecofin meeting, the Minister of Economy said that the Italian government pulls straight with his economic policy strategy based on structural reforms to stimulate recovery and reducing the tax burden. Flexibility are very good dialogue with the EU.

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08 March 2016 “We are at a turning point where the cerscita is strengthened and public finance is under control”: the said Economy Minister Pier Carlo Padoan, at the end of the Ecofin work. According to the Minister, “the debt ratio to decline in 2016 in a context in which the tax burden down.”

The government’s strategy is towards a growth that should be strengthened, and this is done with structural reforms, by supporting investment and by cutting taxes “- said Padoan -” it is a strategy that is bearing fruit, and there is no need to change it, “the minister added.” I reminded colleagues – said Padoan – that the data came out a few days ago by Istat confirmed a growth in 2015 after three years of deep recession, driven by domestic demand and a little ‘less on foreign demand. Growth with a significant creation of new jobs with open-ended contracts, which results in a positive impact on

” This – he continued – occurs in a context in which the public finance the end of 2015 recorded a deficit / GDP ratio to 2.6%, a debt that will stabilize in 2015 and begin to fall in 2016, and in a context in which the tax burden down. “

as for the letters of observations sent from Brussels to various countries, including our stated: “we will see a letter, but it does not seem to me that the point is to ask something more to Italy instead we must define with the Commission the public finance framework and measures for the “growth”. And ‘well known that the Commission has yet to melt the flexibility node. We will see and we will – continued the Minister – we are very good dialogue with the EU and the assessment of flexibility is not a take it or leave it: you have to enter into the merits of the measures that Italy is taking. “

“I keep saying that the banking system is sound, is following a process of structural adjustment also driven by the introduction of legislation, such as the banks, then there is the decree on co-operative banks, at the same time and ‘started the process disposal of bad debts. “and Padoan recalled how it is” a time-consuming process “underway in Italy and other countries, taking into account, however, that the Italian system has gone through” the most serious post-war crisis virtually unscathed. ”

Ecofin a country with risks on the accounts, think sustainability
the Ecofin calls on 11 countries at high risk of sustainability on public finances in the medium term, including the ‘Italy, to focus on sustainability and growth-oriented strategies in their stability programs, and invites them, together with the Commission, to take into account these reliefs in the recommendations. The strategies and developments on the sustainability of the accounts will be regularly assessed by the Council and the Commission, we read in the conclusions of the meeting of the Council of Economic and Financial Affairs Ministers met in Brussels.

“For a number of countries, high debt and an increase in public debt levels continues to be an important source of vulnerability that PUE generate fiscal risks if the instability in the financial markets were to increase” . And ‘written in the Ecofin conclusions in which he reaffirms “that the adherence to EU budget rules including the rule of debt is necessary to ensure sustainable debt levels.”