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The minister Padoan calls on the Eu, a discount of 9 billion on the next Maneuver

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Published on Jun 01, 2017

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(AP) The minister of the Economy Pier Carlo Padoan wrote in a letter to european Commission vice-president Valdis Dombrovskis and commissioner Pierre Moscovici, indicating that it will be 0.3% of Gdp structural adjustment for the year 2018. A less than 0.8% approved by the Parliament: in the figures, a discount of around 9 billion euros. The minister Padoan calls on the Eu, a discount of 9 billion on the next Maneuver. The structural adjustment of public accounts will be equal to 0.3% of gdp. And, as he the minister of Economy, Pier Carlo Padoan, in a letter to the european Commission. An adjustment of the accounts, that: 0.3% announced to the european Commission by the minister, below the 0.8% approved by the Parliament. The reduction from 0.8 to 0.3 percentage points of the deficit would be the equivalent of a “discount” of approximately € 9 billion on measures to be taken with the next Manoeuvre. And this will, therefore, also an estimate on the deficit of higher than 1.2% of the gdp specified in the last Def, having regard to the sizing of the correction. In the letter addressed to the vice-president Valdis Dombrovskis and commissioner for economic and monetary Affairs Pierre Moscovici, Padoan explains that an adjustment is limited to 0.3%, would allow the Italian government to continue with economic policy that between 2014 and 2017 has ensured a steady reduction of the deficit/gdp ratio (0.3% of gdp per year) and the stabilisation of the debt/gdp ratio, and at the same time supporting the economy passed from 0.1% in 2014 to 0.9% in 2016 and expected to 1.1% in 2017. “Since 2014, the Italian government – writes a Novel – has been engaged in the efforts to keep the debt to gdp ratio under control. This ratio has stabilized de facto standard thanks to the efforts of tax long-term that virtually have no equal in the euro area from the outset of the economic and financial crisis, especially compared to the size of the primary surplus achieved”. The Italian government, he continues, “we intend to continue along this path, with an adequate balance between the strengthening of the recovery in progress, and fiscal sustainability. It is a narrow path given the current macroeconomic conditions,” but a fiscal consolidation, stronger “would undermine the recovery and jeopardize social cohesion. With this strategy in mind, to inform you that the government intends to proceed to an adjustment of the structural balance of 0.3 of gdp in 2018. This effort substantially, which will further reduce the deficit and ensure a decline in the debt to gdp ratio”. The recovery is in progress, concludes a Novel, “will be able to benefit from the balance of the fiscal position, and a structural strategy largely in line with the package published by the Commission in the past few days”.

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