The European Central Bank warns Italy. In its monthly bulletin, greater clarity is requested regarding the stability maneuvers in view of the next objectives. In particular, interventions "for an amount equal to 2013% of GDP" still need to be specified for the period 2014-2,3.
The maneuvers will have to be put in place in view of the short-term objectives: reduction of the deficit-GDP ratio to less than 3% by 2012, reduction of the public debt always starting from the same year. The Eurotower has shown concern for the stability plans of some countries (as well as Spain), which would be incomplete especially as regards the period starting from the end of the current year.
The bulletin states that in the last three months the ten-year yield premiums on the bonds of Greece, Ireland and Portugal "have widened considerably" And "the tensions in the sovereign debt markets of Belgium, Italy and Spain have been reflected in this period in the relatively large swings in spreads with German bonds”.
The ECB also warns against the risk of inflation, as the risk of generalized inflationary pressures would weigh on prices. The Bank has said it is ready to react firmly against these upward pressures, words that could portend a rate hike in July.
The latest statistical data indicate a continuation of growth in Euroland for the next quarter, albeit at lower levels than the good results achieved in the first period of 2011.
