– The EU Commission is preparing letters addressed to Italy and the other countries whose public finances are likely deviations from the important objectives. The “recall” is not part of the evaluation process called “European Semester”, but it is a reminder for States considered most at risk.
Padoan:” Government on the right path “ -” With Brussels there is an ongoing discussion normal to check the 2016 public finance data and the Def April we will find a permanent solution, “said Economy Minister Pier Carlo Padoan, reiterating how the way the government is” the right one ” given the “positive” data on GDP that make real the prospects of a 1.6% growth for this year and together with others indicate a public finance “improving.”
the letter arrives Italy next week should not translate into figures the request for correction of Brussels, and therefore will only enrich the ongoing negotiations with the Italian government on flexibility.
also Letter to Spain, Belgium, Finland and Austria – the letter “out of season” will also be sent to Spain (which is to present an update of the stability law soon will have a new government), Belgium, Finland and Austria. All previously noted from Brussels in the trial stage of the laws of stability, in which they recommended corrections during the year in order not to deviate too much from agreed targets.
For Italy the EU recommendation for variance by debt – the same recommendation was made to Italy in the opinion published in November, in which he highlighted the risk of non-compliance with the rules of the Pact, especially that debt, because of a “significant deviation” from ‘medium-term objective (structural budget balance). Italy had a deviation in 2015, instead of being reduced had steadily worsened: in the opinion of Brussels in November wrote that the structural balance indicator examined to assess the fulfillment of the “rule of debt”, instead of improving the It recommended 0.1%, worse than 0.5%.
The more effort that Brussels calls on Italy – It ‘s also why Brussels has promoted the stability law but postponed the answer on flexibility in May, giving way to the government or to enter the necessary corrections in the stability program in April or schedule adjustments during the year. To get all of the required margins for 2016 (0.1% of reforms, 0.3% of investments, 0.2% of migrants), Italy will certainly make one more effort, and that’s what the letter will reiterate .
Nothing that the Treasury, which is being negotiated, does not already know. Padoan Moscovici and Commissioner have been negotiating for months, just to achieve a balance that ensures at the same time respecting the rules and expense margins.
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