MILAN – Italy is saved on the cutting edge: the macroeconomic imbalances are “excessive” – like those in Bulgaria, Croatia, France and Portugal – but for now do not trigger any procedure with request for correction. Before working on the European Commission it wants to understand how Italy will solve the problems of high debt relative to GDP, the low competitiveness, bank loans and unemployment. And without adequate answers, in May could trigger the infringement procedure: “Italy must continue the efforts under way on reforms because it can be put in the ‘corrective arm’ of the imbalances procedure at any time,” he said without half terms vice President of the EU Commission Valdis Dombrovskis. In this sense it will be decisive plan of reforms that will come after the presentation of the law of stability. In his judgments on the imbalances, the EU Commission states that Italy has not reached the medium-term objective of a structural balanced budget and must reduce debt.
No to the infringement procedure. the Brussels document, however, does not bother Economy Minister Pier Carlo Padoan that at the end of Ecofin said: “I do not think the point is that they ask us something more. the point is that we need to define with the Commission on public finance and policy framework for growth for 2016, and this because, as is well known, the Commission should untie the knot of additional flexibility. We are
the judgments come in the aftermath of the Eurogroup in Brussels who had puntanto your finger against the risk that the Italian accounts are required to leave the sow, whereas in the morning to the same conclusion was arrived Ecofin: “For a number of countries, the ‘high debt or increased levels continues to be an important public debt vulnerability source that can generate fiscal risks if the instability in the financial markets were to increase.
<' p> And along the same lines of finance ministers , moved the European Commission pointing out that “the high debt and the continued weak productivity implies risks for the future, with a transnational nature”. Furthermore, in reference to Italy, “the slow resolution of banking distress weighing on banks’ balance sheets and high long-term unemployment on growth prospects. The debt reduction would require primary surplus and sustained growth.”
The reforms. In short, the European Commission is not satisfied with the promises and demands new and concrete concrete signals from the Italian government. Especially he does not want to be interrupted the reformist path started. positively recalling that “measures have been taken to reform the labor market, the institutions, to address non-performing loans, the pa, justice and education”, the EU stresses that “remain the ‘gap’ to be filled, especially on privatization, collective bargaining, the spending review, measures to open up the market, taxation and fighting corruption. “
Renzi. for the moment, however, it seems averted a budget measure of accounts corrections . Speaking waiting for the letter that arrives from Brussels, the President of the Ministers Council of Matteo Renzi said that “since we we were just maneuvers to reduce taxes, not increase them.” Then he dampens the concerns for the Brussels document: “When the public will understand that the demands that are made on time in all countries are not declarations of war, will be a
Germany in the viewfinder. In the focus of the European Commission are also finished the imbalances of Finland, Germany, Ireland, Netherlands, Spain, Sweden and Slovenia. Austria and Estonia, which last year had been subjected to in-depth analysis, have passed the exam and do not present macroeconomic imbalances, such as Belgium, Hungary, Romania and the United Kingdom. The novelty of 2016 is that against all the countries under review will strengthen the surveillance of their answers to the imbalance, intensifying the dialogue between Brussels and the national authorities. In this context, for the first time, even Germany will be under special monitoring: after repeated calls have fallen on deaf ears, the Commission has in fact established that Berlin the huge trade surplus is a macroeconomic imbalance.
Revenue. Ecofin came another small step forward in the fight against tax avoidance, which is based on rules set by the OECD in terms of taxation, multinationals and agreements with the tax authorities. It is a political and principled on the automatic exchange of tax information agreement of multinational companies, known as “country-by-country reporting.” Only Britain, along with the text, he could not sign because it expects the green light of Parliament, which should still be granted. The new rules apply to multinational companies operating in several EU countries, and provides that all member states have the information needed to effectively deal with the companies that seek to circumvent the tax authorities by moving profits or taking advantage of the different laws. It is a green light to a measure that the Commission had included in a broader package of conflict avoidance, that the only Eurozone worth between 50 and 70 billion a year, which was presented earlier this year.
They will be called to bring the data country by country multinationals with at least 750 million in revenue. A limit criticized by transparency activists, but the Ecofin believes that such drop in compulsory Network 90% of the revenue from the companies. To this criticism, the Financial Transparency Coalition (which among others meets Transparency International and Oxfam), add the fact that data will be provided only to the tax authorities and will not actually made public. “It ‘a huge step toward fiscal transparency. The automatic exchange of information will give national authorities the right data to combat aggressive tax planning,” he said in any case, the Commissioner for Economic Affairs, Pierre Moscovici. In mid-April it is expected the definition of concrete action by the Commission itself and the detailed tax reporting should take place already from the exercise
2016.
| 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|
| GDP (var.% annual) | 0.4 | 0.8 | 1.4 | 1.3 |
| Inflation (var.% annual) | 0.2 | 0.1 | 0.3 | 1.8 |
| Unemployment (%) | 12.7 | 11.9 | 11.4 | 11.3 |
| Deficit (% of GDP) | -3 | 2.6 | -2.5 | 1.5 |
| Debt (% of GDP) | 132.3 | 132, 8 | 132.4 | 130.6 |
| current account balance (% of GDP) | 2 | 2.2 | 2.1 | 2.1 |
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