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On the eve of the launch of the Law of Stability tomorrow that will go before the Council of Ministers, Renzi sure to be in line with what was said by the Minister of Economy Padoan today in Luxembourg: “Italy will retain the deficit / GDP ratio to below 3%, complying with the European rules. ” Ecofin the holder of Treasury has confirmed that structural adjustment will not exceed 0.1% of GDP. To take stock of the situation, the Prime Minister this morning had a telephone conversation with the next president of the European Commission, Jean-Claude Juncker. But there may be a snag: according to European sources the stability law is likely to be in conflict with EU rules and returned to the sender for changes by the Commission in Brussels. The draft budget Italian, sources said, will be judged on the basis of the criterion of a structural adjustment of “at least 0.7% of GDP.”
The gap on the structural deficit
An increase of 0.5 percentage points between commitments and Italian Commission requests that, according to EU sources, would be evaluated “as a serious violation “of the recommendations and hence should lead to” a court in Rome of the stability law, and possibly opening a procedure for excessive debt against Italy. ” In detail, the difference between the correction of the structural deficit Italian today confirmed for 2015, amounting to 0.1% of GDP, and 0.7% required by the European Commission for three years, is remarkable. 0.1% corresponds in fact to 1.6 billion, which become 11.2 billion when it comes to 0.7%. In recent weeks, there was talk of a possible compromise of 0.25%, or approximately 4 billion. The Commission could also reserve to open infringement proceedings for debt overhang. Despite these fibrillation remain the clear words expressed by the Minister at the end of Ecofin Padoan said that “being confident of relations with Brussels.” In the evening you will be dispatched to the stability of the law of the EU Commission, an initial assessment of the Commission is scheduled for November.
Padoan: “In line with Europe”
Italy will keep the deficit / GDP ratio to below 3%, complying with the European rules. he assured the Minister of Economy Pier Paolo Padoan after the Ecofin: “We will continue to stay below and we will move forward in the structural consolidation.” The adjustment of the structural deficit in the Stability Law for 2015, the Council of Ministers will approve tomorrow at 15, it will be 0.1% “confirmed the minister. Then, when asked if the law of stability is in line with the commitments with the Europe Union Minister assures: “What matters is that we continue to be the target of a balanced, there is only a delay due to the fact that in April, when we took the commitments, the growth forecast was 1.1% over today’s high for 2015, the context has highly deteriorated. “
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