Excessief begrotingstekort in Italië bevestigd: Almunia neemt maatregelen (en)

woensdag 29 juni 2005

Following its report of 7 June (IP/05/681) and the opinion of the Economic and Financial Committee, the Commission considers that there is an excessive budget deficit in Italy. The deficit was 3.2% of GDP in 2003 and 2004[1] and is expected to remain well above the 3% Treaty reference value in 2005 and 2006 under an unchanged policy scenario. At around 107%, Italy's debt-to-GDP ratio is also well above the Treaty reference value of 60% and not decreasing fast enough. The Commission recommends that this budgetary situation be corrected by the end of 2007 at the latest through structural measures. The ECOFIN Council is expected to endorse these recommendations at its next meeting of July 12.

;

"With a debt higher than 100%, Italy needs to correct its deficit rapidly and durably. This requires a structural adjustment of the government finances as well as addressing the competitiveness problems of the Italian economy which will push the country back on the growth path," said Joaquín Almunia, EU Commissioner for economic and monetary affairs.

;

The Commission adopted an opinion today that concludes that an excessive deficit exists in Italy. The opinion, written in accordance with Article 104(5) of the Treaty, takes into account the opinion of the Economic and Financial Committee, and the findings of the Commission's report of 7 June. The Commission opinion is based on the following elements:

;
    ;
  • A general government deficit at 3.2% of GDP in 2003 and 2004 and expected to remain well above 3% in 2005 and in 2006 under an unchanged policy scenario.
    • ;
  • A debt-to-GDP ratio of 106-107% of GDP in 2003 and 2004 which is clearly above the reference value of the Treaty and has not declined at a satisfactory pace over recent years, nor will do so in the near future on account of the present level of the primary surplus.

In accordance with Articles 104(6) and 104(7), respectively, the Commission recommends to the Council to decide that an excessive deficit exists and to make recommendations with a view to ensuring its prompt correction.

;

In formulating the recommendations, the Commission has given due consideration to all relevant factors analysed in its report under Article 104(3) and to those put forward by the Italian authorities.

;

In particular, in view of the current circumstances in Italy, notably the cyclical economic weakness and the size of the required adjustment to bring the deficit below 3%, the Commission recommends giving Italy until the end of 2007 to correct its budgetary situation[2].

;

Italy is recommended to implement with rigour the 2005 budget in order to avoid any further slippages and contain the deficit to slightly above 4% of GDP, and to adopt budgetary measures consistent with bringing the deficit below 3%, in a durable manner, within that deadline. This implies aiming at a cumulative reduction in the structural deficit of at least 1.6% of GDP over this period. The adjustment should be framed within a comprehensive reform strategy that tackles the deep-rooted structural problems that have saddled the Italian economy in the last decade.

;

The Italian authorities should also ensure that the gross debt ratio diminishes sufficiently and approaches the 60% reference value at a satisfactory pace by attaining an adequate level of primary surplus and by paying particular attention to factors other than net borrowing, such as below-the-line operations, which contribute to the change in debt levels. Finally, Italy is invited to keep improving the collection and processing of general government data and, in addition, to pursue budgetary consolidation at a rapid pace in the years after 2007 to attain a budgetary position of close-to-balance or in surplus.

;

The full text of the Commission opinion on the existence of an excessive deficit in Italy is available on:

;

http://www.europa.eu.int/comm/economy_finance/about/activities/sgp/edp/edpit_en.htm ;

;

[1] Eurostat on 23 May revised Italy's deficit to 3.1% in 2003 and 2004. Italy's statistics office ISTAT the following day put the figure at 3.2% for 2001, 2003 and 2004.

;

[2] Regulation 1467/97 specifies that an excessive deficit should be corrected within the year following its identification unless there are special circumstances.

Meer over ...