WASHINGTON
You are more tight contact between the Government and the european authorities for the definition of the budget, and even if the minister of Economy, Pier Carlo Padoan, spoke yesterday of “a great collaboration”, there remain differences on the final figures. 2.4% of public deficit in 2017, which is spoken in these days, “is not the digit that has in mind the Commission”, said commissioner for economic affairs, Pierre Moscovici.
The two have had a bilateral meeting in the margins of the meetings of the monetary Fund, you will see again tomorrow for the meeting of the Eurogroup and the evening of Tuesday, Padoan will come to the commission in Parliament. The same Padoan has outlined a line of possible compromise. From 2% of the original, the Government will ask Parliament to lift the budget deficit to 2.4% of “possibly”. This is an amount that includes the “exceptional circumstances” of the costs of the earthquake in Central Italy and the refugees. An intermediate solution might be found around 2.2 percent. On this basis, would be drawn up the programmatic Document of the budget, the so-called Draft Budgetary Plan, for which the Novel provides for a "Saturday work" next week, in view of the presentation on the following Monday. The minister appeared less conciliatory with the parliamentary Office budget, who has judged the optimistic forecasts of the Government in the update Note of the Def, and they aren’t consistent with a deficit at 2%. “The Government,” he said, not change your mind about the forecast”. In the meeting in the Commission, he clarified, will provide further information that will confirm the evaluations of the Government.
Padoan has also repeated its opinion on the constitutional referendum of December 4, the next: “If, as I hope and think that will win the Yes will be accelerated the process of reforms of which the Country has a great need for. Otherwise, it will be a great lost opportunity for Italy”. The observation that the uncertainty on the referendum lock, foreign investments, advanced here in Washington by the chief executive officer of Intesa sanpaolo, Carlo Messina, the minister replies that that is just a few weeks, and that there is an uncertainty on the capital markets that in this moment affects all of the european markets. The news of these meetings in Washington, according to Padoan, who is a veteran of these meetings, first as the executive director for Italy, then as chief economist of the Oecd, the uncertainty resulting from the policy on globalization and the prospects of the investment, and the attention to the problems of inequality, which has a negative impact on growth.
Many of the concerns at the meetings in Washington have focused on the problems of the banks, from Deutsche Bank. “If you talk too much”, has annoyed the German Finance minister, Wolfgang Schaueble. But also of Italian banks. The governor of the Bank of Italy, Ignazio Visco, has argued that the plan for Monte dei Paschi (which, in a rather amicable, was explicitly mentioned by the monetary Fund in its report on global financial stability) is “ambitious”. “We will do everything – said the governor – with our technical capacity, in collaboration with the european supervisory authority, why go for the best.” According to Visco, “is recognized by the Imf as part of this is the treatment of non-performing loans (Npl): however, the road is marked”. The Imf, in its assessment of the Italian financial system in 2013 had judged its good resistance to the crisis, before emerging more clearly the effects of the recession on bank balance sheets, will make another next year. On the Npl, said Visco, “it is important to continue the use of all options available” to dispose of and in any case “I do not agree that we should do everything all at once, There violets progression. Va also developed a market in which the Npl are treated to fair prices. Tap also to the banks to learn to manage them, she said.
Visco also said he was confident that a solution to the four banks on the Good Bank, the sale of which is by way of definition, having obtained an extension from the european Commission, “will be found”. And then explained that the Bank of Italy, keeps continuously monitored the quality of the assets of smaller banks and conducts inspections and stress tests, even if you don’t publish the results, as the Ecb for smaller institutions. Many of them are cooperative credit banks that are the object of the aggregation in the course or have assets below 5 billion euro. Those in difficulty can be counted on the fingers of one hand, said Visco.
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