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This article was published on February 26, 2016 at 17:13 hours.
the last change is the 26 February 2016 at 19:40.
it is an Italian economic picture altogether positive that the European Commission has published this afternoon here at Brussels. The report, which is to serve the Renzi government to better prepare the Budget for next year, is an accurate and detailed picture of the state of the national economy which shows a country always in trouble in the modernization process, but finally he is putting hand to his weaknesses.
“Overall – says the report of a hundred pages – Italy has made some progress in following up country-specific recommendations of 2015″. The EU executive recalls some measures in particular: a “comprehensive reform” of the labor market; measures “important” to reform the banking sector governance; a strengthening of work-based learning and professional experience; measures to make it more meritocratic education.
As for rapprochement to the national targets of the Europe 2020 strategy, “Italy has reached them or has made progress towards achieving them relatively (…) increase the share of renewable energies (.. .) to reduce early school leaving and increasing the tertiary education rate “, says Brussels. efforts are needed as regards the increase in the employment rate, investment in R & D and the fight against poverty and social exclusion.
The report was prepared by technical services of the Commission, and is associated with an in-depth analysis of macroeconomic imbalances that the Community executive has identified some time, linked to the high public debt and low competitiveness. A political judgment on this front will be published in March. According to information gathered here in Brussels, the Commission should consider the increasingly excessive imbalances, but without open a sanctions procedure.
As mentioned, the Community framework outlined by the executive in his report it is overall positive than in the past, but Brussels can not fail to notice the continuing fragility of the country and notes. The opposite bank is the subject of “major reforms”, but still “pockets of vulnerability”, as revealed by the recent crisis of four regional banks at the end of 2015. The banking sector, which remains exposed to sovereign risk, it appears “more weaker than that of other countries’ European.
The national debt is the “source of vulnerability for the economy”, because it is increased again between 2014 and 2015 (to 132.8% of GDP). The Commission is said to be worried that a primary surplus is projected to worsen in the near term and plans of privatization that could be delayed. In terms of the labor market, Brussels welcomes the recent reforms “in depth”, but known as the reform of collective bargaining to proceed “slowly”.
The EU executive also takes note of the sector reform always going public, but noting the presence of a tax system that “hinders economic efficiency and growth.” “They have been further downsized – the Commission points out – the savings objectives of the review of public spending. The abolition of the tax on the first house from 2016 is not in line with the repeated recommendations of the Council to shift the tax burden from production to consumption factors, and immovable property. ”
In the same way, the Commission is aware that the Italian Government is reforming school, but can not help but point out that investments in tertiary education, R & D and broadband communications remain relatively low.
the Italian economic fragility, marked by high debt but also by an increasingly low competitiveness, induce the Community authorities to remain cautious. Noted among other things that because of the weight of Italy, the country is inevitably “source of potential spillover effects for other member states.” That said, Brussels’ provides that the structural reforms under way and planned will help to overcome barriers to investment, and over time will exert a positive effect on productivity growth and GDP. “
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