the MILAN - The european Commission puts the mode of “wait and see” to Italy in the judgment on the law of the Budget, by holding onto the ropes at the government without, however, start the formal procedures: the Maneuver “could result in a significant deviation from the adjustment towards the medium-term objective”. A risk shared with other 5 Countries: Belgium, Cyprus, Lithuania, Slovenia, Finland.
Presenting the results of the reconnaissance, the european union, the vice-president Valdis Dombrovskis and commissioner Pierre Moscovici have introduced the novelty of a recommendation of “expansionary monetary policy” for the whole of the Eurozone. Brussels recommends that is, define fiscal policies, focusing on taxes and public spending, favorable to the growth: the goal aggregate is 0.5% of the Gdp of the single currency area in 2017. Moscovici explained that for the first time, there is a common indication, as if in the act there was “a minister of Finance only” for the entire block of Countries. Then he clarified the indication: “Who has a margin of budget to spend, who has not yet reached the balance of the budget must expended to do so.” The two poles seem to be the Germany (which has a surplus in the trade that by the time you ask riequilirare) and Italy. “Every country must do it s part: those who can, must invest more, those that have less fiscal space should go ahead with the reforms and the consolidation of accounts in a manner favourable to growth”, underlined the president Jean-Claude Juncker in the note accompanying the reviews on the accounts.
Returning to our opinions on the financial Statements, and in particular on Italy (TEXT), Moscovici has acknowledged that the distance between the plans submitted and the objectives is among the most high – along with Cyprus – but also that a large part of the deviation is related to the situation as “dramatic” of the earthquake and the management of migration flows: “we will keep in mind,” he said. Dombrovskis explained that Italy and Belgium, who are “at risk of non-compliance” rules on the budget at the moment and are subject to the “preventive arm” of the Pact, the european commission will “return soon” with a specific report on the subject of the debt, expected between “one or two months” and, therefore, after the constitutional referendum. In 2017, Italy and twelve other Countries, will then be the subject of a “thorough review” by the european Commission as ̶ 0;have been identified imbalances in the analysis”. It is, writes the Commission, “of the same 13 countries that had imbalances in the last edition of in-depth reviews, i.e. Italy, Bulgaria, Croatia, Cyprus, Finland, France, Germany, Ireland, the Netherlands, Portugal, Slovenia, Spain and Sweden”. The review will be presented “at the beginning of 2017″. orientation total tax suggested for the Eurozone by the Commission foresees an enlargement of the cords of the financial statements, much more of what would happen according to the Maneuvers reported by the individual governments.
As reconstructed by the Republic, Europe chooses not to get a leg stretched in the political climate of the Italian, ignited by the approach of the constitutional referendum in the beginning of December with the many outbreaks of uncertainty that burn in the globe. A move to wait to see who the government will be released from the urns on the reform of the Senate, and if reinforced, or even in crisis. And if Renzi were to regain momentum from the choice of the Italian, and decided to use it to raise the tones on the various fronts open in Brussels, as shown by the choice of veto on the multi-annual budget of the Union, Europe could sventolargli yellow card of the manoeuvre is still sub judice, to take him back to the myths and tips. “We’re doing a battle in Europe. The flag of Europe is here with us and we keep her at our side, but Europe to do his job which is to promote the growth and not just austerity, to invest in the future and not only in th e bureaucracy,” he punctuated only this morning the premier is visiting in Sicily by calling for an end to the “austerity suicide” and to do more public works.
The government has put in black and white, a deficit/Gdp of 2.3% for the next year, worsening the initial promises to stop by 1.8%, asking together to take advantage of 0.4 points of space on the deficit for expenditure linked to migrants and earthquake. The structural balance, instead of improving, is indicated in worsening of 0.5% of Gdp in 2017, “compared with an improvement of 0.6% or more recommended by the Council leads to a risk of significant deviation from the adjustment path towards the medium-term objective”. This objective is the tie or near-tie, which according to the plans of Italy should be reached in 2019 (the deficit/nominal gdp at 0.2%).
In particular, on the front of the earthquake - you can still read today in the tab ad hoc produced by the Commission – confirm the good disposition of Europe to trigger the clause for the exceptional events, even if it is to verify ex-post the allocation of costs.As was recalled on the eve of the Upb, depending on how you are judged these aspects, that is the recognition of the impact of exceptional events and that the Country is going through a downturn, the objectives of the Budget law, the Italian “would be at the risk of deviation at the limit of significance for the rule on the structural deficit and the risk of diversion is not significant for the expenditure rule. Otherwise, in the case of a negative conclusion in relation to the recognition of exceptional events, the objectives of the DPB would be at risk of a significant deviation for both the rules.”
| Eu Commission (9 November) | Government (21 October) | |
|---|---|---|
| GDP (var. annual%) | 0,9 | 1 |
| DEFICIT/GDP (%) | 2,4 | 2,3 |
| STRUCTURAL DEFICIT/GDP (%) | 2,2 | 1,6 |
| DEBT/GDP (%) | 133,1 | 132,6 |
going Back to the reviews today of the Eu, with regard to the three Countries in the corrective arm, i.e. under the procedure for excessive deficit, France is “largely in line” with the requirements; Spain is “at risk of non-compliance”, such as Portugal, which, however, “could exceed the threshold for a significant deviation for a margin much reduced.”
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