Moscovici: “Deficit of 2.4% is high, But the agreement you can find” – Corriere della Sera

WASHINGTON Pierre Moscovici is from the old school of the “politique d first”. The policy, first of all. In these days of the Imf in Washington, the european Commissioner for economic affairs is perhaps the only public authority that is to be exposed explicitly in favour of a negotiation “policy”, in fact, with the Italy. Yesterday afternoon Moscovici has met Pier Carlo Padoan. The Italian minister said that the attitude of the Commissioner was “a great collaboration”. It is possible, therefore, that it is developing a formula of compromise. Yesterday Moscovici gave an interview to Class Cnbc, and then responded to other questions.

The Italian government is preparing to enter in the deficit the costs linked to the reception of refugees and to the earthquake of Amatrice. This would bring the ratio of deficit-to-Gdp ratio from the current 2% “up to 2.4%”, said the minister of Economy, Pier Carlo Padoan.
“To tell you the truth I have so far seen only 2%. And however, 2.4% is not the number we have in mind. I will not enter now into the merits of the figures and of the decimal. It is a question of substance, why should we wait for the Italian government, we present the budget. I believe it will in the next week”.

Every decimal place of a deficit in the most is worth about 1.6 billion euros. The government of Rome is preparing the list of expenses to download.
“let’s See what we offer. The Commission is a political body, it is not that we are here to do the notary. We are able to do a political negotiation, and do it.

But there are the rules of the Stability pact.
“We have rules and we have to respect. I for one do not suggest ever a solution that is contrary to the rules. If this were not the case there would not be even the possibility to start a negotiation. But politics can enter in the rules, may interpret, adapt it in a smart way. You can study the solutions, in a subtle way. Here, I would say thin, you italians often used this adjective, no?”.

In Italy, the negotiation with Brussels is a theme of high political content. Seems to me that you agree not to derubricarla to a question, simply accounting…
“of Course. We are fully aware of it. We are supporting the efforts of the Italian government. Italy must remain at the centre of Europe”.

And then there is the referendum on the Constitution. Consider him a risk to european stability?
“I can’t say anything about the referendum. I prefer to make an argument broader. We are living in a complicated stage, not only in Europe. These days I have participated in many debates here at the Imf. I have talked with many people, Countries and with different experiences”.

Well?
“I took great concern and we all agreed on one point: growth is weak, the more there are the forces of the populist and protectionist. This today, our priority”.

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October 9, 2016 (amending the October 9, 2016 | 12:17)

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