It is necessary to engage the fifth gear. Bankitalia confirms the Italian recovery, but underlines the need to consolidate what has been built up to now in order to protect themselves from the risks coming from the global economy.
This was stated by the Deputy Director General of the Bank of Italy, Luigi Federico Signorini, during a hearing on the stability law before the Budget Committees of the Chamber and the Senate.
“The recovery has begun in Italy and in the euro area but the greatest risks are that the slowdown in emerging economies will worsen and have more serious effects on advanced economies than what has happened so far”.
For this purpose first of all it is necessary to push on the reduction of the public debt already starting from 2016, a very important commitment that Italy must absolutely not miss. “If we want to maintain and consolidate market confidence, it is important to ensure clear, visible and progressive debt reduction over time”.
To this must be added intense work aimed at containing primary current expenditure "essential for the consolidation of the public finances", Signorini reiterated.
Talking about the Stability Law, the deputy director of the Bank of Italy said he was in favor of placing a limit on the transfer of cash: “There are no elements to exclude a priori the opportunity of raising the general limit from 1.000 to 3.000 euros. If Parliament decides to go in this direction ”, he explained,“ it will be advisable to monitor the results over time. However, it seems advisable to maintain a stricter regime for the activities most exposed to contamination, such as money transfers ”, he specified.
Doubts also on the abolition of Imu and Tasi which, according to Via Nazionale, does not have significant effects on consumption unlike the measures which instead reduce the tax burden on production factors.
Finally, a reference also to the "temporary" coverage with which the main provisions included in the Stability Law are financed. In fact, Signirini highlighted that the tax cut "is only partially financed with spending reductions: higher revenues are expected, largely deriving from voluntary disclosure".
