Dear Valdis, dear Pierre”. The minister Padoan has transmitted to the european Commission the letter of response to requests for adjustment from 3.4 billion demanded by Brussels. A letter of three pages published on the website of the Mef to 21 of Wednesday to which it is attached also the report on the relevant factors that influence the dynamics of Italian public debt, in the light of which the results achieved can be considered satisfactory. “In regard to the alleged difference between the budget balance envisaged for 2017 by the government and the margin deemed necessary by the Commission to progressively reduce the public debt, with t he accompanying letter to the report, the minister indicates the initiatives of economic policy capable of bridging this difference, if any”.
In the context of the working definition of the economic policy of the middle period, and therefore, in view of the Def, you can still read that “the government will take, among other measures to fight tax evasion in continuity with the ones already adopted in the recent past, extending its scope, and budget reduction, also thanks to the new mode of construction of the State budget entered into force with the reform completed in 2016″.
Adjustment is too rapid damage to the economy The executive intends to continue on the road to a consolidation of accounts for “growth-friendly structural reforms”. But, at the same time, the ministry of Economy “the pace of adjustment is excessively accelerated and damage to the economy at a time of increased uncertainty in the geopolitical and economic at the global level”.
2016 will close with a Gdp growth that is “likely to exceed” 0.8%
estimated from Palazzo Chigi, adds the minister. The government is planning to adopt the measures required in the context of a broader strategy that will be detailed in the next Def”. The total amount of the structural efforts, writes a Novel the vice-president of the Eu Commission Valdis Dombrovskis and commissioner Pierre Moscovici, “will be comprised of around a quarter from expenditure cuts and the remainder from increase in revenue. The costs savings will result in about ninety percent from intermediate consumption and the rest from tax benefits. The measures relating to spending cuts follow significant milestones in the control of the expenditure of the last few years, and will be further inserted in a wider strategy of spending review”.
Earnings from indirect taxes and excise duties
on the revenue side, efforts will include measures such as indirect taxation, excise taxes, and further extensions of the policies recently adopted to improve the cash”. In the letter it specifies that the adjustment will
made with spending cuts and more revenue.These structural reforms will go hand in hand “with extra expenses to cope with the impact of the recent earthquakes”.
Cuts spending on benefits tax, details in Final
“The government is planning to adopt the necessary measures as part of a strategy overall that will be detailed in the next Document
economy and finance,” writes the minister of the Economy. “The total amount of the structural efforts to move forward towards the medium-term objective,” explains Padoan – will be comprised of around a quarter from expenditure cuts and the remainder from increases in revenue. The cost savings will come for
around 90% from the intermediate consumption and the rest from tax benefits”.
the public Accounts, Gentiloni: ok to the Eu rules, but no maneuver extemporaneous
Impact of the earthquake over 1 billion, to Fund ad hoc
At present, the government “may not accurately estimate the impact of the earthquake on public finances, but it will probably be much larger than the 1 billion already in 2017. To mobilize resources to this end will be created a special Fund, notes the Mef in the letter to Dombrovskis and Moscovici. Concerning the alleged difference between the budget balance envisaged for 2017 by the Government and the margin deemed necessary by the Commission to progressively reduce the public debt”, the Treasury in its letter to the Commission sets out the initiatives of economic policy capable of bridging this difference, if any, and emphasizes that “although at first view the policy on the debt appears not to be respected, must be considered to be fulfilled once that are considered the relevant factors” that have affected Italy.
In the document on the debt: risks to Italy and policies of Usa and uk
scenarios, not predictable at all, in the face of the developed Countries are among the additional directions given to Brussels. “The changing attitude of the Us towards multilateral institutions and free trade, and the possibility of tax competition in Europe”, which might arrive from the Uk post-Brexit, “pose a risk to open economies such as Italy”. In the document on the relevant factors that affect the public debt, accompanying the letter from the Treasury to the Eu Commission, please note that for Italy, as for other economies “plays a crucial role in the access to foreign markets and direct investment from abroad”.
Report: results on the debt
“The results achieved can be considered satisfactory”, it is noted also, with regard to the development of the Italian public debt, on the website of the Treasury in the presentation of the letter.
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