Public accounts, Padoan to the Eu: “dangerous Maneuver for the Italian economy. For us the risks and policies of Usa and Uk” – Il fatto Quotidiano

Pier Carlo Padoan wait no, says the corrective action from 3.4 billion sought by Brussels. And in the letter sent to theUnion calls theeconomic uncertainty and geopolitics tied with theoutcome of us election with the case Brexit. To avert a procedure for the excessive deficit that would increase the interest on the public debt, the minister of the Treasury, finally, in Brussels the usual recipe of consolidation, privatization and structural reforms.

In the message (READ HERE THE FULL TEXT), addressed to the vice-president of the european Commission, Valdis Dombrovskis, and to the commissioner, Pierre Moscosvici there are promises almost discounted that aims to avoid the infringement procedure and ,at the same time, get in the campaign without belt tightening. To convince Brussels to be gracious to Rome, Padoan reminded the efforts made so far by Italy with the reform of the system of the civil justice that "is bearing fruit" in the new rules to streamline the Public administration and the reorganization of the labour market through the Jobs Act.

And then again, he anticipated, briefly, the next steps that the government intends to do to align to the medium term with the demands of the Union. "The total amount of the structural efforts to move forward towards the medium-term objective will be comprised of about one-fourth from the spending cuts and the rest increase revenue – points Returned to in the letter – The cost savings will come to about 90% by intermediate consumption and for the rest from the tax benefits". In particular, "on the revenue side, the adjustment effort will include measures such asindirect taxation, the excise duties and further improvements in the policies adopted recently, with satisfactory results, for the recovery of the tax," says the minister in the message where there is also space to make the point about the damage "exceptional" caused by the earthquake and the wave mi grants, events that have generated "unexpected pressures on the budget". " At present it is difficult to assess with accuracy the impact of the recent earthquakes on the public purse, but will most likely be much higher than 1 billion euros already by 2017," says the minister, pointing out how "to mobilize these resources will be created a fund".

Despite the difficulties of an extraordinary nature, "the government intends to continue along the path of growth through consolidation and structural reforms, said Padoan. However, "the pace of adjustment is excessively accelerated," which is a new maneuver "would affect the economy in a time of increased political uncertainty and economic at the global level". And, although the government is "planning to adopt the necessary measures", the information necessary inside of a "strategy overall" are postponed to the next the Document of economy and Finance" of the next April. Meanwhile, the Treasury is confident that Brussels will take into account all the "emergencies" in Italian. Especially in such a delicate moment for the balance of a government that aims to bring forward of tax policies between 2017 and 2019, "fully respect the stability and growth Pact".