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This article was published April 19, 2016 at 9:10.
the last change is the April 19, 2016 at 11:02 hours.
the safeguard clauses that could be activated in 2017 are worth 0.9 of GDP, and neutering “will take place by implementing an alternative maneuver that will be defined in the coming months.” The announcement of the Economy Minister Pier Carlo Padoan, heard this morning from commisisoni statements gathered by the House and Senate in 2016 on Def just presented by the Government. This maneuver “will be a net debt equal to 1.8% of GDP in 2017, through the review of public spending measures, including tax expenditures and interventions that enhance the performance, reducing margins evasion and evasion of taxes.”
Squiteri (Court of Auditors): clauses stop is starting to review direct taxation
on the “need to avoid” that next year snap the safeguard clauses is intevenuto shortly after the president of the Court of Auditors, Raffaele Squitieri, that during his hearing on Def before the commission has suggested the government to seize “the opportunity” to review the structure of direct taxes. This, he pointed out, “not to change the level of rates, but to review the distribution of the tax base three different bands (particularly concentrated today on those discounted).” This intervention, he concluded, should be “possibly accompanied by measures to avoid unwanted effects on the most ‘vulnerable.’
In 2016, yet growth and consolidation of the economy
In his speech, the Minister of Economy has since said optimistic on the recovery in 2015, “after 3 years consecutive contraction, “the Italian economy” began to grow again, “and in 2016″ the growth will continue and be strengthened. ” “The occupation improves, the public finances improve, the tax burden falls”, the minister added, thanks to “a strict fiscal policy and expansionary measures and structural reforms” that continue despite the deteriorating external environment. As for the reduction of the debt-GDP ratio, this remains a priority for the government and is “critical to maintain market confidence.”
Debt and IMF pessimism: “We’ll see who is right”
on the front of the public accounts, responding to a question about the IMF estimates that growth seen in the Italian debt this year, contrary to what is expected by the government, the minister has taken a stand against pessimism of the international Monetary Fund: “We’ll see who’s right.” The forecast of the IMF, said during the hearing, “is based on a real growth and nominal worse than ours and does not take into account the privatization proceeds.” Moreover, “the forecast errors of the Treasury are among the lowest ever and we see it in the data occurs in the final balance in 2015″. “I have great respect for the Fund – he concluded – but everyone makes mistakes forecasts.”
Change in structural balance compatible with Stability Pact
Illustrating parliamentarians contents of Def Padoan stressed that the expected change in the structural balance “is a detour, but not significant but compatible with the provisions of the preventive arm ‘of the stability and growth Pact. “The medium-term objective for countries with more than 60% of GDP debt would require that the balance would improve by 0.5 percentage points: the government deems inappropriate and counterproductive to make a further strict fiscal tightening,” said the minister, within a framework of programmatic strengthening of the recovery. The structural balance, according to new forecasts would be higher by about 0.7 percentage points: in this sense the latest indication of the European Commission “should be reconsidered taking into account the requests within the maximum limits of flexibility according to the agreement between countries and approved by Ecofin. “
structural reforms ‘unsatisfactory’ in many EU countries
” Italy is the European Union country that so far has made greater use the Juncker Plan ‘for the revival of investment, noted the Minister, however, convinced that “the pitch of the fiscal policy in the euro is restrictive,” while he called “unsatisfactory” progress in many countries in structural reforms, a front where Italy is instead making great efforts. Overall, the macroeconomic scenario outlined by the government in Def “takes account of the worsening international economic situation.” The global economic slowdown has been mentioned by observers, analysts and institutions as one of the risks to the prospects of Italian growth in 2016.
Pension reform: “Open to complementary financing ‘
Speaking of the pension reform hypothesis, Padoan has confirmed that the Def 2016 “does not delve” on the role of the credit system “in relation to pensions flexibility” but reaffirms the essential role of the national pension system for the stability of the country. In this qaudro, there are definitely ‘margins to reason and on the instruments both on incentives to improve opportunities for those about to retire and for those who must enter the world of work. ” In this sense, clarified Padoan, “I’m open to supplementary funding.”
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