Fiscal compact and spending review at the center of attention of the Chamber and Senate. The process will be speeded up, because the government's declared objective is to obtain the approval of both measures by the end of this month. And this to send precise signals to the markets.
In Montecitorio it is the Foreign Affairs commission that deals with the fiscal compact, which sets the European budgetary discipline, together with the introduction of the European Stability Mechanism (ESM), both measures that have already obtained the green light from the Senate. Among the main points of the fiscal compact, the commitment to have a structural deficit that must not exceed 0,5% of GDP and, for countries whose debt is less than 60% of GDP, 1% stands out. There is also an obligation for countries with public debt exceeding 60% of GDP to return within this threshold within 20 years, at a rate equal to one twentieth of the excess in each year. Each state will then have to ensure automatic corrections with specified deadlines when it is otherwise unable to achieve the agreed budgetary targets. Finally, the public deficit must always remain below 3% of GDP, otherwise semi-automatic sanctions will be triggered.
It is not excluded that the government will urge the commission so that the measure can reach the Chamber as early as this week.
The provision on the spending review is also in the Senate, with its cuts of 26 billion over three years. Also in this case the Executive wants to get approval before the summer break: the optimum would be to obtain the go-ahead from both houses of Parliament, but even a yes from only one would be a positive signal. The provision is being examined by the Budget commission, which has already set the deadline for the presentation of the amendments (Thursday at noon).
Another hot topic is the country's growth: for the entire week, starting this afternoon, the Budget and Productive Activities commissions of the Montecitorio will jointly deal with the decree. These are interventions for the revitalization of infrastructure, construction and transport, measures for the digital agenda and transparency in the public administration, the reorganization of incentives for businesses and funding for research, the support of sports practice and of tourism.
