"In 2015, the cost savings indicated as the maximum value obtainable from the spending review would not be sufficient, by themselves, to achieve the programmatic objectives, if they were to finance the Irpef relief, avoid the increase in revenue and also cover the related disbursements with existing programs not included in current legislation”. This was stated by the deputy general manager of the Bank of Italy, Luigi Federico Signorini, in a hearing in the Chamber on the Def.
As for 2014, "it opened with a slowly improving macroeconomic picture - continued Signorini - and with the first signs of recovery in domestic demand: consumption, investments".
The deputy general manager of Via Nazionale then reiterated the need to "ensure the sustainability of the public debt, since it is not only imposed on us by the obligation to respect the rules that we have given ourselves in Europe, nor only by the concern for what is essential, to maintain the trust of the markets, won with so much sacrifice. It is a fundamental requirement of the good and prudent administration of public affairs”.
To achieve this goal, “financial equilibrium must not be pursued with short-sighted strategies – added Signorini -. The European procedures allow for some margins of flexibility which can be exploited, in agreement with the European authorities, provided that at the same time there is a credible reform strategy and a sure compass for public finance decisions”.
And precisely on this point, according to Signorini, the design of economic policies "must support the confidence of businesses and households, continue with the implementation of reforms. The gradual improvement in business and household expectations must continue. The easing of tensions on the sovereign debt market needs to be consolidated, which certainly reflects the improvement in the market climate relating to the euro, in public finance and in growth prospects, but also contingent developments on global markets”.
The Def “proposes joint and simultaneous actions: the reduction of public debt, the revival of growth and a return to normality of credit flows, the adoption of structural reforms that increase productivity – concluded the manager of Palazzo Koch -. These are objectives that one cannot fail to share. It is important that the reforming action be effective and consistent with these premises”.
